ORDI update for previous idea - local short scalpORDI had a nice drop since the upper golden pocket, as mentioned in the previous TA. Price also had a good local drop since the last post, but bears are just about to begin.
Locally I am also bearish and want to see continuation.
The previous high confirmed trapped longs but buyers stepped in at the range POC. Now the price is in the same zone of the previous high with the trapped longs. The previous high had lower OBV than the beginning of the range. The current high is even having lower OBV than the previous high. Imo this is just a retest / upthrust to trap more longs into the distribution setup.
Another interesting fact is that the range had the LVN (low volume node) at the top of the range above the range POC, which is a sign of weakness. That never changed but at the end of the range ones longs started to build above the range VAH (value are high). Then the LVN could have been found at the bottom of the range, below the POC. This was the first early sign for me for trapped longs even before the trapped longs of the previous high got confirmed by breaking back into the range (failed auction).
We still want to see much lower.
