$ADA got flushed to 0.182 earlier this week, bounced, and has spent the last day stuck in a tight box. It's at 0.1923 now, 24h range 0.1899 to 0.1968. Ten days ago it was sitting at 0.225, so the bigger trend is still clearly down.
On the NanoTrading Fire chart (4h) the liquidation map has thick bands stacked just overhead, from about 0.200 up to 0.212, right where the bounce stalled. There's another fresh band underneath around 0.183 to 0.188 from longs who bought the wick. The volume POC sits up at roughly 0.206 and value area low is near 0.200, so price is trading under value.
The positioning is what bugs me. About 65% of accounts are long (L/S 1.86), up from 63% one 4h candle earlier, top traders are around 66% long, and funding sits at 0.01%. Meanwhile OI slipped from about $64.4M to roughly $63M. So the crowd is leaning long into a bounce that isn't getting new money.
My read: I don't trust $ADA longs under 0.200. If it can't reclaim that level, I think it sweeps the 0.185 area first. A 4h close above 0.200 flips me and opens the 0.206 POC.
Who's right here, the 65% of longs or the falling OI?
NFA, just my read 📉
Source: NanoTrading Fire chart (nanotradingclub.xyz)
#ADA #Cardano #NanoTrading
On the NanoTrading Fire chart (4h) the liquidation map has thick bands stacked just overhead, from about 0.200 up to 0.212, right where the bounce stalled. There's another fresh band underneath around 0.183 to 0.188 from longs who bought the wick. The volume POC sits up at roughly 0.206 and value area low is near 0.200, so price is trading under value.
The positioning is what bugs me. About 65% of accounts are long (L/S 1.86), up from 63% one 4h candle earlier, top traders are around 66% long, and funding sits at 0.01%. Meanwhile OI slipped from about $64.4M to roughly $63M. So the crowd is leaning long into a bounce that isn't getting new money.
My read: I don't trust $ADA longs under 0.200. If it can't reclaim that level, I think it sweeps the 0.185 area first. A 4h close above 0.200 flips me and opens the 0.206 POC.
Who's right here, the 65% of longs or the falling OI?
NFA, just my read 📉
Source: NanoTrading Fire chart (nanotradingclub.xyz)
#ADA #Cardano #NanoTrading
