BTC is about to make a price decision rather soon We have an ascending triangle Triangle will likely break to downside if BTC price moves down We an descending wedge earlier which pushed price right to target of 2.55 If pattern breaks I expect price to settle at 2.2 and test a lower region If there is no break it will test resistance until it pushes upwards through the resistance
Important Dates to Take Note of:
ADA Alonzo (smart contracts) go live Sep 12 2021 ADA Summit Sep 25-26 2021
I have to keep this short because I have a pretty bad eye strain at the moment and my eyeball is twitching all over the place. This is also why I changed the background to black. Obviously, bulls wants to see upward momentum, a trend reversal, or an extreme discount. There isn't much to talk about right now because of this, but I told you I post what I see so here it is! We have an ascending triangle which may break due to BTC coming to a price decision. If the pattern breaks, I expect the price to settle around 2.2 and test a lower price zone. If the pattern doesn't break, the price will consolidate and test resistance. We had a little momentum earlier from a descending wedge pattern that broke to the upside and hit our target of 2.55 before retreating. Now, we are waiting on the ascending triangle to complete the pattern or break to the downside. Set alerts on both sides of the triangle if you need to. I am going to get back to my studies now, but I will continue to update you with what I see. Thanks everyone!
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.
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So, I have a moment to update everyone before I sleep. The price is currently testing resistance right now and trying to poke through. I should mention that ascending triangles are usually continuation patterns, however they can also signal a reversal which is why I thought I would mention it in the first place. Ok, that is it from me for tonight! If you have any questions, I will get to them when I wake up. Goodnight everyone!!!
there is also a ascending wedge in the 15min candle chart. It might reach 2.7 level then drop back down
mysticalwalrus
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@aliengmt04, Yes, we will need retracement of the last push to confirm a reversal.
mullerg911
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We are close to breaking that wedge to the upside again let’s see what happens
mysticalwalrus
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@mullerg911, More importantly, we have a nice base that formed and we are currently above the 20EMA. All good news for ADA.
Kaloian
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the triangles are considered continuenation patterns, you are coming with pullback in that triangle so I would rather keep in mind the 2-2.20 lvls for retest on support there, once more that you don't have clean rising triangle.. Just opinion I may as well be wrong.. Still my money are on the lvls refered
aliengmt04
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if we break to the upside(like we have), then is that all the correction were going to get
aliengmt04
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@aliengmt04 by correction i mean is that all of the pullback were are going to have