Is ADA Done?

8 Tem 2020

Below is the 15 minute chart for ADA. Price closed below the 50 EMA. I've taken a short based on the 4 hour price action which implies trend reversal (or consolidation). Normally I like to wait for more data on the 4 hour but the bear engulfing on the 15 minute with close inside the ichi cloud seems like good R/R for me. Targeting at least the value area high of 4 hour. Will monitor price action before completely closing position. $.09 should be an area of strong rejection

8 Tem 2020

Not

4 hour

8 Tem 2020

Not

Consolidation it is. Will wait for more data on the 4 hour before opening another trade. Tiny profit