The overall market speaks for itself. I have said it many times, we are in for a ride. BTC looks great. I have a target of 100K for this leg from cup and handle pattern. All of the Totals reaching ATHs ADA has finally broken out (we knew it would). It should follow the map I laid out for you guys in previous posts. ADA will finish its cup. Expect consolidation near resistance. (not too much) Volume will need to fill.
So things are looking great for the market. I told you alts would start moving sooner than you thought and they are. There are plenty of opportunities and I tried to give you a few while you waited for ADA to breakout. I have a cup and handle target that was made a few days ago by BTC of around 100K (looks like PlanB is going to be right again). The structure of ADA turned bullish and when I saw the confirmation, I let you guys know in an update. I hope you read it. Just like I had planned, we got our breakout and are currently seeing the formation of our cup. There will be consolidation along the way, however its looks pretty good until we hit the resistance I marked on the chart. From there, the volume will need to fill a bit. A lot of you wanted to sell ADA, however if you spoke to me directly you know how I felt about that. This is a great example of keeping your emotions in check. You knew ADA would break out. The pattern was right there. I mapped it out as clear as day. So, if you couldn't control yourself, consider this a learning lesson. Now, like I said before, sit back and enjoy the ride. As always, I will keep you in the loop with what I see. Thanks again everyone!
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 understand there is a bit of confusion. This chart is more of a bigger picture. I wanted to show how before it starts moving up, it will hit resistance and need to fill the volume gap. This will coincide with a cup and handle most likely.
I am not saying that I think the price will keep going non stop without consolidating until that point. I thought that was obvious, but I should have mentioned it for people that might not understand. The RSI is maxed out (in the short term) and will need to consolidate.
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So I thought I would mention that the 2nd leg has officially started. I see can the metrics on chain so the clock is ticking now. The leg has 2-4 months in my opinion.
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If anyone is wondering what is going on, smart money has taken profits from alts and rotated into BTC for the next push so It will likely be large. Then they will rotate back etc. Nothing has changed in terms of outlook. This is a normal rotation. Try to be calm lol.
Ok so I am totally new to all this. Stumbled across you months back and have been absorbing everything you say, following your leed and extremely thankful. It's because of you I never lost faith in ada ( just broke even, in the green from here on out). I know you constantly say don't blindly follow, learn for yourself and I'm truly trying but so much of this ta contradicts itself It's a bit overwhelming. You are like a prophet and blessing to a guy like me. Can't thank you enough!!! Appreciate everything you do. THANK YOU
Awudu1844
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@Dontknowjackbuttrying Well he's my crypto mentor and professor, I've learn alot from him. I can read and analyze a chart now. I can even predict prices. All bcoz of this good Guy.. He's my crypto hero.
mysticalwalrus
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@Awudu1844, Thank you my friend! I am glad you are learning!!
No_one_of_consequence
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@Dontknowjackbuttrying It is overwhelming at first, isn’t it? Reading the books that the author recommended has helped me a ton. Reading a chart is much less intimidating now. Doing paper trading and keeping a trade journal is also helping me - plus its fun!
@Dontknowjackbuttrying, I appreciate all of the kind words! Yes, I realize it is difficult. However, the more you practice and learn, the better you will get. I know it is confusing looking at the TA that is out there. That it why I don't really look at other TA, I just make my charts. Well, if you have questions, feel free to ask! Thanks again for all the support! I appreciate it!
No_one_of_consequence
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@imnotgoodatall Definitely! I can’t imagine trying to record all of that info after the fact. Aside from the accounting part, adding notes about what I think I see happening with an asset is helping so much with my practice.
mysticalwalrus
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@No_one_of_consequence, Yes, it would be a nightmare. Yes, my taxes get prepared with an audit trail just in case. I use a CPA to file and I have a lawyer on retainer for that specifically. I take my taxes very seriously. This new administration within the US is cracking down on crypto, so I like to be prepared.
peterbhc
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Good Bye ADA under $2, we will never see you again. I think we see mini consolidation around $2.25 in the short term.
mysticalwalrus
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@peterbhc, It feels good my friend! Ya, the RSI is maxed out we will definitely see consolidation there.