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ADAUSDT Short to Demand Zone $0.28ADAUSDT has had a huge push since late December, culminating in a 150% gain, before making its first sign of weakness with a lower high. A triangle structure is forming currently, providing a roadmap of where price action may potentially go. Using this road map, we can set ourselves up for a higher risk reward ratio trade before we reach the end of triangle, where a whipsaw move would wick us out of the play. My bias here is bearish for a number of reasons: 1. A solid rejection of the supply at $0.38 has created a lower high. 2. The 10 EMA on the 12h has crossed below the 20 EMA for the first time since the push began. 3. RSI has fallen below 50, expecting this to come back up and re-test the 50 which should give us our entry for the short. The entry zone that I have marked out is the supply formed by the last green 12h candle, around $0.34. Invalidation of this idea will be if the price breaks out and forms a higher high, so this has been placed above previous structure. I am expecting at least an attempting bounce from the green highlighted demand area, and have placed the take profit in front of that (on the 38.2% fib) incase this level is "front-run" as it has been in the past. Always take profit, even if you expect a bigger move. Most of the time, these occur in waves, and we may get another bite at the cherry when PA re-tests the S/R flip zone at $0.30.
Short
by DoryFish
1
BTC (Y20.P2.E18).Consolidation in a large macro formationHi All, I hope you all did well as it was a good opportunity. Yesterday I was too busy trying to find the top to sell. This time, I did well by playing the 1 min. chart near the top. I made 2 trades in the 2k run, and sold at the near top for good reason. Now looking to do shorts until the rest of the puzzle reveals itself. Here is what I'm foreseeing of some sort. With a good run, one expects a pullback, consolidation, and an continuation pattern as we have the uptrend back. Just like ETH, i just posted, I'm seeing a bullish wedge within the framework of a bigger pattern. But that is yet to be revealed. For now, there is a good cradle setup. 2 touches to the top, 2 to the bottom, and now we are getting an nice invite to jump in. The wedge pattern is a bonus. This update is a continuation of the previous post where I talk about the macro structure and hence you can envision how this fits in. My initial hypothesis on BTC that its taking an inverted BARR structure is holding true and hence why I'm doing well. Refer to my posts links below for the background for this post 4 HRLY chart Complimentary charts Previous posts =============================================================================================================== =============================================================================================================== =============================================================================================================== The rest is self explanatory from the chart. Please give me a tick or a like for this post. Regards, S.Sari
by ssari
2