Important things to note:
We have a cup and handle major target 3.25.
We have an ascending channel however it is not very steep (or wedge but it is not very wide at the mouth).
We have resistance (noted on chart).
The short term fate of ADA depends on whether it can beat the resistance and break out of the channel.
I see a lot of nice basing patterns.
RSI is rather high at the moment.
I would set an alert at the top and bottom of the channel.
A small pullback would be completely normal after a large price increase.
Important Dates to Take Note of:
ADA Alonzo (smart contracts) go live Sep 12 2021 (today)
ADA Summit Sep 25-26 2021
Sorry this took me so long to post. I ate some really spice Vietnamese noodle soup last night and I have been paying for it all morning. If we look at the chart we can see the cup and handle has formed. If the price can beat through the resistance, it will produce a target of 3.25. If it cannot, it will likely be stopped somewhere near the top of the channel. The RSI is rather high and I expect to see some testing of the highs before things start heating up (if they do). It will need to pullback before it can push through the resistance. We are in an ascending channel. As on of my followers noted, it looks like a wedge however that depends on where you start it. The mouth isn't very wide so I consider it more a channel (which doesn't matter much). It is also not very steep, so the pullback will likely not be too drastic and lines up with a small pullback from a normal upward price movement, but I am glad my follower was able to see it. That means you guys are learning how to spot patterns and that is my whole goal for doing this. So hats off to all of you. That being said smart contracts release today so there is likely to be increased volatility. Keep in mind the contracts go live today, but the functionality of the contracts will not be felt for at least a month. Developers need time to optimize their apps using the platform and the platform is still at its infancy. So set alerts for the top and bottom of the channel. Last night, ADA was producing some long upward wicks, noting a possible pullback, however it decided to move forward, which is not very usual. Normally if you see long wicks pointing up, it will signal the price is going down, and vice versa. However, I checked the volume and it looked like a legit move upward and not some sort of bull trap. Anyways, ADA is looking good so far, so try to take it easy! I will keep an eye on the movements and update you all accordingly. Thanks again!
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.
We have a cup and handle major target 3.25.
We have an ascending channel however it is not very steep (or wedge but it is not very wide at the mouth).
We have resistance (noted on chart).
The short term fate of ADA depends on whether it can beat the resistance and break out of the channel.
I see a lot of nice basing patterns.
RSI is rather high at the moment.
I would set an alert at the top and bottom of the channel.
A small pullback would be completely normal after a large price increase.
Important Dates to Take Note of:
ADA Alonzo (smart contracts) go live Sep 12 2021 (today)
ADA Summit Sep 25-26 2021
Sorry this took me so long to post. I ate some really spice Vietnamese noodle soup last night and I have been paying for it all morning. If we look at the chart we can see the cup and handle has formed. If the price can beat through the resistance, it will produce a target of 3.25. If it cannot, it will likely be stopped somewhere near the top of the channel. The RSI is rather high and I expect to see some testing of the highs before things start heating up (if they do). It will need to pullback before it can push through the resistance. We are in an ascending channel. As on of my followers noted, it looks like a wedge however that depends on where you start it. The mouth isn't very wide so I consider it more a channel (which doesn't matter much). It is also not very steep, so the pullback will likely not be too drastic and lines up with a small pullback from a normal upward price movement, but I am glad my follower was able to see it. That means you guys are learning how to spot patterns and that is my whole goal for doing this. So hats off to all of you. That being said smart contracts release today so there is likely to be increased volatility. Keep in mind the contracts go live today, but the functionality of the contracts will not be felt for at least a month. Developers need time to optimize their apps using the platform and the platform is still at its infancy. So set alerts for the top and bottom of the channel. Last night, ADA was producing some long upward wicks, noting a possible pullback, however it decided to move forward, which is not very usual. Normally if you see long wicks pointing up, it will signal the price is going down, and vice versa. However, I checked the volume and it looked like a legit move upward and not some sort of bull trap. Anyways, ADA is looking good so far, so try to take it easy! I will keep an eye on the movements and update you all accordingly. Thanks again!
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:
I should also mentioned that if ADA is moving upwards, it will be moving against BTC which will be harder to do. This will likely reduce the results of the bullish patterns. Similar to the fish swimming upstream analogy I have used before to describe a short term bullish trend inside of a downward intermediate trend. Cheers!
Comment:
And just like that ADA is testing the waters right now. We had a test of the resistance and a test of the MA.
Comment:
It is worth noting that Charles Hoskinson just tweeted with a link to the battle scene in Conan the Barbarian, one of my favorite movies as a child. LOL That was a great tweet. (warning the scene is a bit graphic)
Comment:
Alonzo is now live, the first block as been written. That's pretty awesome!!!
Comment:
There goes the delayed BTC run.
Comment:
Ok everyone! I need to study for the rest of the night. If I have some time later and there is something worth updating I will put out another chart. But for right now, nothing is really happening. It is business as usual. The price is trading within the channel, and if you look at my last chart, the price is still inside the ascending triangle (not to be confused with an ascending wedge) which sometimes signals reversals (usually a continuation pattern). So, I will continue to keep and eye on it and if I see something I will put out another chart.
Comment:
It will have a hard time getting through 2.42. If the pattern breaks 2.25 then hard stop at 2.19 ( the point where most people will enter) and produce an impulse buy. However, there are going to be a lot of ups and downs between each point. I doubt it will just fall to each point without retracement. If you look at my last post, you will see where the price will bounce around until the impulse buy. (look at both the orange and yellow lines).
Comment:
Just to be clear when you look yesterday's chart, the bottom line was 2.0, that is the absolute lowest metric we have at this point. However, it needs to hit other stops before it gets there, so I am not going to assume it will at this point. We will take it day by day. So if you are looking at the chart and freaking out, don't. You will know well before that point.
