I am on vacation, will be back tomorrow. Main Trendline broke, fall to 2.0 came as mentioned in my last chart. Support levels we will likely see in this fall. BTC is heading somewhere between 42k-38k BTC failed to maintain 48k and push for 50k ADA is heading somewhere between 2.0-1.7
Important Dates to Take Note of:
ADA Summit Sep 25-26 2021 (likely to produce more important dates)
Many of you probably remember I mentioned on the 17th that I was going to be on vacation until Wednesday. I would have liked to post yesterday, but I was at the Life is Beautiful music festival all day. So that is where I have been in case you were wondering. If any of you check my Instagram story probably already knew that! I also thought it was weird that the price started moving right when I was on vacation, but hey that's life for ya! Anyways, so what is going on is that BTC failed to push for the 50k level and could not maintain 48k. I told you all what would happen if that occurred and that is what you are seeing now. The main trendline broke which should have told you the price was heading to 2.0. I have put the key support levels on the chart for you to follow. I do not see it going down any further. The market will bounce, remember, pullbacks give the asset energy to move forward. If you are sitting there holding in the red, don't worry about it, this is only temporary. If you always stay a little cash liquid like me, you are loving this opportunity. Again, the market is going to bounce and I believe the highs coming in the next couple months are going to be huge. Well, that's it for me. I might have some time at night to come back and post but we will see. I will get to all the comments when I can. Thanks a lot for being patient!!
Also, it is worth mentioning that TradingView has reached out to me and offered me very kind words, and showed me some support. I thought that was very nice of them and it was very unexpected. Though, I never planned for any of this to happen at all. I was constantly making charts for myself and my friends and some of them suggested I post them publicly. I never imagined any of this would happen, if I did, I would have waited until I had a bit more free time LOL. However, it makes me really happy to know that people are learning from my charts and hopefully it will encourage you all to learn technical analysis for yourselves! In a couple weeks I will have more time to make the educational content you have been asking for, and I will likely chart a wide spectrum of assets. Thank you again for all of the support, it means more to me than you know!
Now for some good news. As a person who follows ADA closely, I know that the adoption of the platform will happen very quickly with the release of smart contracts on the 12th of September. In fact, I think it was built with such a great foundation, I might just do an entire post on the fundamentals of Cardano sometime in the future. Pretty soon, we will see NFTs being created, DeFi, applications being developed, and overall strong adoption of the ADA blockchain platform as a whole. If there will be any immediate reason for ADA to move higher, it will likely be news coming from the summit on the 25-26 of September. So I would keep an eye on their twitter accounts around that time.
Again, I apologize for having less time to post at the moment, but that will change in a couple weeks.
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.
Comment
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I made this chart really quick while I was on vacation, and I remember someone commenting saying this chart has zero value. If you are looking at this on a computer, hit the play button on the chart so you can see the future price movements. You will see I identified the EXACT areas of support. LOL :) cheers!
I would like to share some of my tips during (short-term) market correction:
1/ Stop myself from checking my portfolio every 5 minutes
2/ Spend some quality time with my family
3/ Read a book
4/ Listen to my favourite song
5/ Open my textbooks and look forward to improvising my skills. For example coding, technical analysis, photoshop, etc.
Remember guys, do not suffer yourself because of a temporary movement of the price actions. Refreshing your Coinmarketcap 20 times every second would not help to get the price back to 200% gain. Also, keep reminding yourself of the reason why you have decided to invest and have a long-term vision for it. Whenever I suggest a friend to get into crypto, this is my very first words to them: please invest only what you are willing to lose. Don’t YOLO, don’t ALL-IN, don’t invest blindly without a proper researching, don’t listen to a random guy on TikTok who give you illusional prediction. It is the nature of the market, we will have ups and downs. Anyways, enjoy the ride and DCA if you have cash aside. Cheers!
mysticalwalrus
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@ktrinh042, I must say I agree with everything you said!! Great comment! I'm not familiar with the random tiktok guy reference though, maybe I'm too old LOL. Anyways, again great comment! 100% agree.
HeyBonkers
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Thanks for posting your perspective even on your vacation! It really feels like the traders want to see a major correction so they can enter at a discount. So far, everything you’ve said made sense and I’m learning a lot. Forgot to congratulate you on passing your test! Hope you’re enjoying your well-deserved break, mate.
mysticalwalrus
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@HeyBonkers, Thanks so much!! Ya I tried to get to it as best I could when I was gone, but that music festival took all of the energy right out of me! I am glad to hear you are learning! Thanks again! The break was great!!!
Vascodegama
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Enjoy your well deserved break. Thanks for the update. See you on the flip side!
mysticalwalrus
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@Vascodegama, Thanks my friend! I'm getting back into the swing of things again!
jmancharts
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If I knew we were going this low I would have definitely taken some profits at $3+ this market is so hard to predict. Hopefully we can bounce soon
mysticalwalrus
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@jmancharts it will definitely bounce. There was always a possibility. I took a little bit of profit but I don’t take too much on ADA.
AlexChalkop
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Enjoy your holidays.
My opinion is
1. The big picture : is bad , stocks in all over the world drops. All crypto coins drop fast
2. that situation continued all week.
3. No good news
4. Psychology down
Need time for balance.
I'm Lucky cos I have only 20 % of my portfolio in stocks and crypto.
Ian waiting for your ideas.
mysticalwalrus
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@AlexChalkop, I believe this is just a short term pullback. People use crypto to hedge the stock market in general. Inflation of 5% is expected in the US, that will bode well for crypto. I agree that diversification is very important! Keep it up! I will be back tomorrow and will have more time to sit down and take a hard look at everything. But this post should give you a general idea of where the price can go.
1/ Stop myself from checking my portfolio every 5 minutes
2/ Spend some quality time with my family
3/ Read a book
4/ Listen to my favourite song
5/ Open my textbooks and look forward to improvising my skills. For example coding, technical analysis, photoshop, etc.
Remember guys, do not suffer yourself because of a temporary movement of the price actions. Refreshing your Coinmarketcap 20 times every second would not help to get the price back to 200% gain. Also, keep reminding yourself of the reason why you have decided to invest and have a long-term vision for it. Whenever I suggest a friend to get into crypto, this is my very first words to them: please invest only what you are willing to lose. Don’t YOLO, don’t ALL-IN, don’t invest blindly without a proper researching, don’t listen to a random guy on TikTok who give you illusional prediction. It is the nature of the market, we will have ups and downs. Anyways, enjoy the ride and DCA if you have cash aside. Cheers!