This chart was hard to make because of the length of the time frame. I had to make it a weekly chart because we can't see the pattern in the monthly and the daily was too messy. I actually couldn't believe the massive cup and handle when I saw it. The handle is a bit messy, but still holds up to textbook comparisons (if you don't believe me, check Tim Knight's book "high probability trade setups" and see for yourself. Tim Knight is one of the godfathers of technical analysis and you probably know him from TastyTrade. Regardless, this push could be INSANELY LARGE. A 3 year cup and saucer could mean prices can easily triple or more. I've seen a 5 year cup and saucer bring a push of over 5X over the course of a year(check SCHN from 98-03). And this is for boring stocks that trade in markets far more bound than the crypto market. In the crypto market, the patterns are cleaner, more potent and more accurate. There are a lot of things the crypto market does not have to deal with, unlike the stock market.
That being said, we should see more consolidation before each significant push. However, since the price of ADA is so accessible, and smart contracts are going to launch in 3 weeks, we could easily see periods where ADA runs with less consolidation than expected. I am going to keep an eye on it and have set alerts all over the place. I can sit here and throw fib levels at you all day, but honestly, with this much pressure, that would be nothing more than a guess. You use technical analysis to find a future direction, not a future price. Fib levels CAN help predict a pullback, however. That is why it is called Fibonacci Retracement. It is based on the price retracing or pulling back after a push.
Hopefully we see another smaller handle on the last cup. Anyways, I am glad I picked up a ton of ADA. Happy hunting!
This is not financial advice. DYODD.
Feel free to like this chart and follow me. All the support is welcomed. Thanks again! GLHF.
That being said, we should see more consolidation before each significant push. However, since the price of ADA is so accessible, and smart contracts are going to launch in 3 weeks, we could easily see periods where ADA runs with less consolidation than expected. I am going to keep an eye on it and have set alerts all over the place. I can sit here and throw fib levels at you all day, but honestly, with this much pressure, that would be nothing more than a guess. You use technical analysis to find a future direction, not a future price. Fib levels CAN help predict a pullback, however. That is why it is called Fibonacci Retracement. It is based on the price retracing or pulling back after a push.
Hopefully we see another smaller handle on the last cup. Anyways, I am glad I picked up a ton of ADA. Happy hunting!
This is not financial advice. DYODD.
Feel free to like this chart and follow me. All the support is welcomed. Thanks again! GLHF.
Comment:
I just checked the weekly and saw a smaller handle to accompany the little cup. This is going to be great. See you all at the finish line! Cheers!
Comment:
As I said in my last chart, we are going to see a pullback and more consolidation. If you haven't already, seen my last chart describes the range of the pullback. I am keeping an eye on the moves and when I see something of worth, I will update. I am still expecting ADAUSD to move in a large way.
