ADX could potentially be entering in a buy zone for a breakout. As we can see in the main chart, it has broken cloud resistance, wicked down to test support and is now trying to stabalize above the 1hr cloud. The 0.786 is posing as resistance however. I would be watching the 4hr to see if it can break the cloud since it seems likely to be gearing up for it, considering high timeframe stochrsi is on the floor and oversold and crossing.
4hr
1d
I think volume can exit this and after a reset of the 4hr, make people just panic a bit and question the entry, and then it will inject and be the fuel. Either way it would be bad buying here for the first time and average down if it happens since the C could finish a bit deeper, and unless the fundamentals completely fall apart.
If fundamentals are released and enforced though and news comes out soon, it can definetly ignite such quick next cycle in this. If not then this incoming volume will be used as an exit and for the bleed to continue after a 4hr cloud denial possibly until we retrace to 0.883 or lower.
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Nailed it perfectly. Enjoy
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ADX penanting, a break away could lead us into the 27k zone.
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Pennant broke down however move is holding a bullish 0.618 retrace as seen here Buy zone would be bottom of the cloud, stop loss would be under the 0.786 and look to rebuy lower when market decides what it wants to do.
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Buy zone was good until BTC rally caused traders to panic sell. Volume came right back in however, new buy zone would be this
@AdrianZieniewicz, you cant be short minded. look at the bigger picture. dont fall prey to the emotions.
AdrianZen
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@Papou, nah, that's not what I'm talking about. Btc pairing brings instability to the alts because people follow the trail of USD. Btc has a climatic influence over the rest of the market.
Shinhunter
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@AdrianZieniewicz, I used to think this as well when I didn't understand how to leverage BTC pairs. I switched back to doing only USD/ETH-BTC-LTC for a while to learn BTC pair patterns. BTC/Alt pair, the right pair, is great now.
UnknownUnicorn1341494
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which can be the best point now ?
jerry_lee
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Cheers mate. Was looking at ADX today but your chart made my mind up. Legend!
Papou
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@jerry_lee, I'd try and buy at around 18k because it kinda broke out as predicted. Don't chase anything ever.
jerry_lee
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@Papou, no probs. Probably didn't make that clear......saw your chart when you first put it up. Got in before the break out and made some good $ before getting out at 22.3k
Thanks again!