MDA is in a great setup to make a large move. After being in distribution for 2 months now MDA has found support and is now up trending to break through its downtrend that has kept it range bound. After breaking trend this will allow MDA to start attacking higher valleys. Im looking to sell around 15500 for my first target because there's more resistance due to it...
Price move away form distribution box in short direction after creating SOT pattern and Spread candle type. Good strong down reaction of price. Potential short after retrace.
Pair from beginning of June on h4 timeframe was in an uptrend. Now it is possible to observe that Demand is decreasing and SOT formation created. There is also typical "spread" candle typical to end of trend and price start to be in an accumulation. I will be looking for sell signal based on cumulate volume indicator. Also price is in control of Daily Supply zone.
As we can see, price created ascending wedge short setup, there is also SOT formation which informing us that buyers are getting weak.. at 12 it was a large volume on the market so it was a signal that smart money are getting off and distribution is coming.. Sell a break of bottom trendline. I am expecting price will drop to first demand level around 1.2360 or...