ADA recently had a huge pump, and has since dribbled down on a solid dump without a pullback over the two or three weeks since the peak.
Price is now approaching a strong Daily Level Equilibrium, which lines up beautifully with the 50 Fib of the Higher timeframe move
Below this we have two Daily Demand zones, the lower lining up with the 61.8.
The trendline formed on the daily closes is also rising up to meet price, and if we continue down, should meet price at the same time it reaches the first demand zone.
CCI is showing Bullish Divergence on the 4H
Therefore, There's a high probability of ADA continuing down to find support at one of the zones, and then bouncing. I've staggered orders to catch this bounce, with a SL below the lower demand zone.
Price is now approaching a strong Daily Level Equilibrium, which lines up beautifully with the 50 Fib of the Higher timeframe move
Below this we have two Daily Demand zones, the lower lining up with the 61.8.
The trendline formed on the daily closes is also rising up to meet price, and if we continue down, should meet price at the same time it reaches the first demand zone.
CCI is showing Bullish Divergence on the 4H
Therefore, There's a high probability of ADA continuing down to find support at one of the zones, and then bouncing. I've staggered orders to catch this bounce, with a SL below the lower demand zone.
Trade active:
50% off position taken off for 20% Profit
Trade closed manually:
Closed when LH formed