ADABTC Breaker Block Re-Test Failure - Short to Daily Demand
The bullish momentum at the start of July '20, gave
ADABTC
the strength to smash through the weekly order block between 1000 and 1100 sats. This created the opportunity for a long entry in this area, if there was a successful re-test and hold. However, ADA has not been able to hold this significant level and has broken through to the downside with a solid close on the 3D candle that also broke through the ascending parallel channel.
We have now recovered slightly from this bearish move and are retesting the bottom of the order block at 1000sats. There is an opportunity for a short provided this level is confirmed as resistance. Target would be the daily demand block at around 800 sats.
ADABTC
the strength to smash through the weekly order block between 1000 and 1100 sats. This created the opportunity for a long entry in this area, if there was a successful re-test and hold. However, ADA has not been able to hold this significant level and has broken through to the downside with a solid close on the 3D candle that also broke through the ascending parallel channel. We have now recovered slightly from this bearish move and are retesting the bottom of the order block at 1000sats. There is an opportunity for a short provided this level is confirmed as resistance. Target would be the daily demand block at around 800 sats.