We have not gotten our 50MA test yet. Price coming to another decision. Long wicks tells us price will move up temporarily. A break from temporary trendline will signal fall to lower price level. 1.91 price level will be hit hit price falls, 1.71 might be hit. Chinese Govt hates BTC (we already knew that)
Important Dates to Take Note of:
ADA Summit Sep 25-26 2021 (likely to produce more important dates)
So we have not gotten our 50MA test yet and price looks like it is coming to another decision. Anything can happen so I am not going to say we will not get our test at all. We can see long wicks which tells us the price is likely to move upward if only temporarily. We also have a temporary trendline and a break from this level will signal a move to the downside which is the 1.91 level. The next stop after the 1.91 level would be the 1.71 level. I do not see the price moving below this right now but we will see. On another note, the Cardano Summit is tomorrow, which I am attending. Hopefully I can grab some limited edition NFTs and I'm sure there will be a lot of news coming out that may be beneficial for ADAs price. I am not going to guess what impact this will have because we don't know. However, I am going to let you all know what happens at the summit so you can know what's going on. In other news, the Chinese government threatens to ban BTC for the 1000000th time. Honestly, it doesn't matter long term in my opinion, people will find a way around all of this like they always do and it is likely to create alternative mining and markets all over the place. Anyways, that's my two cents. I will continue to watch ADA and let you all know what I think. Thanks again.
I am going to make a video soon teaching everyone my approach to charting. I will cover the entire workflow process I go through. I hope you enjoy it.
Tell me what you think?
This is not financial advice. DYODD.
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I am very bullish on ADA here soon. I am seeing things that look very good heading into next week. I want to see either a break of the 50MA, or a test small pullback and bounce. I have said before I only see a few more movements in this market correction and that number is coming to an end here soon.
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The price decision has broken to the upside. There is an ascending triangle that is forming. The top break would be the resistance at 2.34. A third touch will likely push through and test the 50MA finally.
Good to know you will be attending the summit, appreciate you sharing the updates that you will hear.
China's ban is nothing but FUD. Everyone started buying the dips created by these no news which will make crypto more stronger.
As far ADA, I will take all the buying opportunities to position for a long term run.
mysticalwalrus
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@sakme, Ya I am very excited for the summit. I really enjoy the community, everyone I have talked to is really awesome. I plan on developing on the ADA chain soon so I am excited to hear what they say. One of my old professors teaches blockchain and machine learning at Stanford University so he is a big reason I am interested in developing for these platforms. I agree the Chinese Government loves FUDing everyone. I do think they will ban it eventually, but who cares, by then other markets will be created anyways.
patricioclx
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I see ADA staying stronger than BTC and ETH makes me think that the price incrice of ADA because of the summit is already there, if there is no breakthough in ADA this weekend i may sell my position and wait for the DIP, i dont want to do that before my 2.8 goal but more coin is more coin at the end of the day
mysticalwalrus
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@patricioclx, I have said many times that I believe ADA is stronger than BTC, and fundamentally I think it is stronger than both. ETH 2.0 will try to compete with ADA but I still think the fact ADA was built from the ground up means it can adapt to change a lot quicker even though it was slow to start. I'm sure there will be good news at the summit. I am excited to go, it looks like it will be fun!
patricioclx
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@imnotgoodatall, I feel out of my love on ETH being a miner and seeing how they... dont respect the code that means I may not be the only one not thrusting the project that much anymore. BTC for me will be always be stronger, a lot of people thrust the coin and thrust worth a lot in the markets, but yeah ADA its getting a lot of thrust as a good project and advancing fast too.
have fun in the summit!
mysticalwalrus
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@patricioclx, That's awesome and good luck with your mining! When I started working at a company a while back, there was a guy who used to mine BTC in the office with a homebuilt rig of graphics cards. When I found it, he was worried I was going to tell him to get rid of the rig but I let him keep mining. I was impressed.
patricioclx
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@imnotgoodatall, Mining have been great, yeah its expensive to get the GPUs but since this is something you do for years actually is fine
And mining in the office, thats ballsy. I thought of it since we do have some server rooms there but nah too much risk and damn mining BTC I was too young and naive those days if i had bought BTC and hold it i would be rich ...but here we are and its never late to invest
mysticalwalrus
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@patricioclx, This was a long time ago (over 10 years), no one knew what it was besides him and I. So unless I told him not to, it was fine. I thought it was smart, and ballsy. Those are two qualities I fully support.
HHSPN
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@imnotgoodatall, I really hope the adoption of Cardano network for Blockchain picks up at the summit more than the price action as a cryptocoin. The underlying technology has so much decentralized capabilities that can be used in many aspects of day to day life and taking away "central", even if governments intervene there can still be many applications of it. Charles talked about tracking destroying the coins. I'm guess when the platform really picks up IOHK can decide to destroy coins there by increasing the value of ADA in circulation. 2023 will be an interesting year for ADA. Hope you will share you thoughts from the Summit.
mysticalwalrus
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@HHSPN, I agree with you 100%. I am far more excited about the technology, and have a few plans to use it myself. Charles and I have very similar views about how we see a lot of things in this world. I am betting that the platform works and works well. I also know that coins will be destroyed eventually and supply will run low the more the platform evolves. I am also betting on deflation within ADA. I always target coins I believe will be deflationary over time. That is why I mentioned LUNA before.
China's ban is nothing but FUD. Everyone started buying the dips created by these no news which will make crypto more stronger.
As far ADA, I will take all the buying opportunities to position for a long term run.