I wanna update my opinion on ADA. I shared an update in my last idea about it and said I sold my position to de-risk some out of crypto.
The macro chart is an obvious and beautiful accumulation pattern. This week we've seen a significant effort to break this level. So far no success. Is this the SOS? I think we'll need a little time to say this with some confidence. If a big effort fails, it moves in the opposite direction with lesser effort. Less volume, maybe starts slow and accelerates.
If that becomes evident on the chart, I buy back some.
The macro chart is an obvious and beautiful accumulation pattern. This week we've seen a significant effort to break this level. So far no success. Is this the SOS? I think we'll need a little time to say this with some confidence. If a big effort fails, it moves in the opposite direction with lesser effort. Less volume, maybe starts slow and accelerates.
If that becomes evident on the chart, I buy back some.
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It's a little ugly on lower timeframes. But macro chart matters.
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We have also this. So let's wait and see. This is important as well.
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"Macro accumulation + SOS" is not something you can fade. You cannot fade Mr. Wyckoff.
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ADA is another one that proves my point about crypto btw. Not a marginally different chart like some others, but different stages of the market cycle.
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It's so hard to make a bear case on this chart. Imo these 2 are the mostly likely scenarios.
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1 scenario is gone obviously. We'll just look for the other..
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And the fact the sell-off is still slow and you know feels like programmed. Idk just looking for the next scenario as I said.
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It's just pressure everywhere. Not panic but pressure.
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I'm gonna simplify it like this. IF BTC pair breaks downtrend, dollar pair still looks fine to me, I buy back.