ADA 5th Wave ?

Bounce was correlated with 0.618 fib level from march

We are forming a descending triangle indicated in purple.

A short looks highly likely on a lower time frame with support at same level as bounce around ~0.10240.

Expect lower and lower volatility now as indicated by volume going down and tightening of support and resistance.

The bounce can be a good long position but do set a SL.

This should be set in case rising wedge breaks and that would confirm a bearish scenario for the descending triangle in which case short scalp to support at next golden fib of ~0.09440.

This last bearish scenario has a low probability of happening in my opinion but not excluded. I believe that we still a have a 5th wave up.

Macro fib levels.

This is a continuation of the orignal 4H bearish div but I felt like that position should be closed and I'm currently looking for a new position for the coming week.

Trade ist aktiv:

HF & GL!

Kommentar:

Bear div 1H
5 wave count
3 wave count retrace to 0.618 0.5 levels

Also a wedge in play

Trade geschlossen: Ziel wurde erreicht:

Retrace now.

Support 1 ~0.10740 between fib levels 0.618 0.5 , volume profile confirms
Support 2 ~0.10230-0.10061 A and C points