So, the price has reached a point where buyers and sellers agreed on the consolidation price and the price moved higher. Last nights consolidation looked like an arrow, but it was a triangle that hinted the price wanted to move upwards once the pattern broke to the upside. The volume filled and the price moved higher as I said it would in my last couple charts. Now, we have a nice little cup again, and a handle being created in the form of a bull flag. However, the handle is a bit too high, so at the worst, we have a bull flag. This is the natural consolidation that happens after the side of a cup is created. The price should consolidate further, fill in the gap in buying volume and make a run to test an all new high. If a new high is created, we will have continuation confirmation of our uptrend. If the pattern breaks, we will be back to consolidating. However, this is the less likely scenario.
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.
Now lets talk about why ADA has so much strength. Cardano is about to release smart contract September 12 with the Alonzo release. This addition makes it a viable competitor to ETH as an open source platform. Right now, it is just a glorified ledger. As a person who plans to be a Cadano Developer once Alonzo is released, it makes me wonder how far ADA can go. I have heard people say it cannot go to 100 dollars because it will need around a 3T market cap. But considering in the past 2 weeks ADA has added 31B to its market cap, it's definitely not out of the realm of possibility. Also, considering Grayscale Investments has picked it up, I think it has a LOT more room to grow.
Cardano Summit towards end of September will announce another gov't partnership is what the AMA mentioned. How could that impact the price for ADA?
mysticalwalrus
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@leroyessel0, Usually price moves on news. So, the news would be priced in by now. However, the summit will be full of juicy things we don't know, which could impact the price positively at that point. I am bullish on ADA. The time until then looks like a fairly mixed bag at the moment.
George_6300
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What books would u recommend for a beginner ? Thanks
mysticalwalrus
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@jorgetlecuona, If you want to get started right away at pattern recognition, I would recommend you read High Probability Trade Setups by Tim Knight. If you want to take a slower approach and learn everything about the market in general, economics, and technical analysis, I recommend reading Technical Analysis Explained by Martin Pring. The latter is basically a text book. Personally, I think you should read both so you are a well rounded trader, but which one you pick first depends on your goals.
Awudu1844
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I will also search for the book, will be waiting for u to drop the videos. Bless u my Boss.. Thanks 🙏 alot..
mysticalwalrus
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@Awudu1844, Awesome! Yes, I highly recommend both books! You might want to start with Tim Knight's book because it is very approachable. Then, jump into Martin Pring's book after because it is a bit dry and having a foundation regarding patterning will help you better understand the material. Thank you again my friend!!!
tothebook
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Hey! Thanks for this, do you post videos on YT or here? Let us know where we can follow you
mysticalwalrus
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@tothebook, Thank you so much! So, right now I don't make any videos. I have been charting for myself for a very long time, and just started publishing them publicly after a friend of mine recommended that I should. Since I get a lot of people asking me about videos, and I love it when people learn to chart, I was thinking of starting to create videos. It just seems like a better way to teach technical analysis. However, I will be doing fundamental analysis as well. I will publish them here, but I suppose I can throw them on youtube as well. What do you think?
Saimh
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@imnotgoodatall I think you could do both. It won't hurt to put it on YouTube sooner rather than later. It may help with a monetization strategy down the line if you choose.
I've been following your analysis. Good stuff. Thanks for your time, effort and generosity in sharing with the community. Appreciate it.
mysticalwalrus
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@Saimh, Thank you so much! I appreciate the kind words. Having followers and posting to a community is rather new to me. I have been investing since 2008 and I would always chart for myself. Investing a very personal experience and has a lot to do with controlling your own impulses. Recently, a friend told me I should post my chart publicly on TradingView. So, I haven't thought about this much at all, but after seeing how many people are learning technical analysis from my charts, I thought the best way to approach it would be in a video. You will likely see one within the coming weeks!