ADAUSDT Weakness| Weekly S/R| 21 MA| Low Volume| Bearish Retest
Evening Traders,
Today’s analysis – ADAUSDT – likely to retest lower weekly S/R before trend continuation, price action is currently bearish.
Points to consider,
- Local S/R Flipped
- 21 MA Resistance
- Oscillators below 50
- Below average volume
- Lower Weekly S/R Retest
ADAUSDT has lost local S/R, any rallies into it are considered a bearish retest, this allows for an immediate bearish retest.
The 21 MA is in confluence with local resistance, this further solidifies the area as a trade location.
The oscillators are both below 50, the RSI not being officially oversold is indicative of further momentum down.
ADAUSDT has below average volume; price action is currently in an equilibrium that will break with an influx.
Overall, in my opinion, ADAUSDT respecting local resistance with a bearish retest will allow for a short trade. Price action must be used upon discretion/ management of trade, the immediate target it lower Weekly S/R.
What are your thoughts?
Thank you for following my work!
And remember,
“You become fearful the moment you identify with fear. But once you begin seeing it as an impersonal changing phenomenon, you become free.”
― Yvan Byeajee
Today’s analysis – ADAUSDT – likely to retest lower weekly S/R before trend continuation, price action is currently bearish.
Points to consider,
- Local S/R Flipped
- 21 MA Resistance
- Oscillators below 50
- Below average volume
- Lower Weekly S/R Retest
ADAUSDT has lost local S/R, any rallies into it are considered a bearish retest, this allows for an immediate bearish retest.
The 21 MA is in confluence with local resistance, this further solidifies the area as a trade location.
The oscillators are both below 50, the RSI not being officially oversold is indicative of further momentum down.
ADAUSDT has below average volume; price action is currently in an equilibrium that will break with an influx.
Overall, in my opinion, ADAUSDT respecting local resistance with a bearish retest will allow for a short trade. Price action must be used upon discretion/ management of trade, the immediate target it lower Weekly S/R.
What are your thoughts?
Thank you for following my work!
And remember,
“You become fearful the moment you identify with fear. But once you begin seeing it as an impersonal changing phenomenon, you become free.”
― Yvan Byeajee