Important things to note:
BTC ran while ADA remains stagnate.
ADA has bullish divergence on RSI.
Flagging pattern broke to downside, produced small bump in price.
Small descending triangle.
Test of 50MA will determine if it moves higher or gets shot back down.
Next test will be resistance 2.78.
A lot of accumulation at support.
If prices go lower, likely to test 50MA sitting at about 2.19, this can produce a strong bounce.
If price breaks 50MA on the daily, 2.0 is the next stop.
My targets remain the same as of now.
Important Dates to Take Note of:
ADA Summit Sep 25-26 2021 (likely to produce more important dates)
So, BTC has ran and the 3 drives pattern seemed to hold up in that case. Now if we look at ADA we can see bullish and bearish signals. First we have bullish divergence on the RSI. We also had a break in the flagging pattern to the downside which produced a small bump in price instead of hitting the price floor. However, ADA will test the moving averages all the way up. If it passes the test, it is likely to move higher and test the resistance level at 2.78. If the price moves lower, and breaks the small descending triangle to the downside, it will have to test the 50MA at 2.19 which could produce a significant bump in price. That is really all we see right now. If the 50MA on the daily fails, we will see 2.0 and take it from there. We have mixed signals right now, but I am not too worried about it, my targets are still the same at the moment. We will see what happens with each signal until we have some form of confirmation. Again, I do not subscribe to the doomsday scenarios you hear everyday. In the case of BTC at the moment, it will need to stay above 48 to take the drop to 38 out of the picture completely in my opinion. We will know soon. That is why it is important to take it step by step and trust in what you see. All of my targets are backed up by patterns, signals and trend analysis. I use a very traditional approach, that is just how I trade, personally. We will see where it goes from here, but unless I see anything that says otherwise, you all know what to expect. I will continue to keep an eye on ADA and update accordingly. Thanks again everyone for being patient while I am busy studying over here and producing these charts rather quickly! I appreciate it a lot.
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.
BTC ran while ADA remains stagnate.
ADA has bullish divergence on RSI.
Flagging pattern broke to downside, produced small bump in price.
Small descending triangle.
Test of 50MA will determine if it moves higher or gets shot back down.
Next test will be resistance 2.78.
A lot of accumulation at support.
If prices go lower, likely to test 50MA sitting at about 2.19, this can produce a strong bounce.
If price breaks 50MA on the daily, 2.0 is the next stop.
My targets remain the same as of now.
Important Dates to Take Note of:
ADA Summit Sep 25-26 2021 (likely to produce more important dates)
So, BTC has ran and the 3 drives pattern seemed to hold up in that case. Now if we look at ADA we can see bullish and bearish signals. First we have bullish divergence on the RSI. We also had a break in the flagging pattern to the downside which produced a small bump in price instead of hitting the price floor. However, ADA will test the moving averages all the way up. If it passes the test, it is likely to move higher and test the resistance level at 2.78. If the price moves lower, and breaks the small descending triangle to the downside, it will have to test the 50MA at 2.19 which could produce a significant bump in price. That is really all we see right now. If the 50MA on the daily fails, we will see 2.0 and take it from there. We have mixed signals right now, but I am not too worried about it, my targets are still the same at the moment. We will see what happens with each signal until we have some form of confirmation. Again, I do not subscribe to the doomsday scenarios you hear everyday. In the case of BTC at the moment, it will need to stay above 48 to take the drop to 38 out of the picture completely in my opinion. We will know soon. That is why it is important to take it step by step and trust in what you see. All of my targets are backed up by patterns, signals and trend analysis. I use a very traditional approach, that is just how I trade, personally. We will see where it goes from here, but unless I see anything that says otherwise, you all know what to expect. I will continue to keep an eye on ADA and update accordingly. Thanks again everyone for being patient while I am busy studying over here and producing these charts rather quickly! I appreciate it a lot.
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:
ADA looking very bearish right now, I am guessing it will test the lower edge of the triangle soon.
Comment:
Well no test yet, maybe the divergent RSI is prevailing. Either way there will be a price decision coming soon. Since ADA is giving mixed signals, and I am risk adverse, I am going to expect the downside. However, I would not be surprised to see a test of the MAs prior to a break to the downside. Either way, we will likely see soon. Time will tell.
Comment:
There is nothing going on right now with ADA. So I will not be putting out another chart tonight since there is nothing to discuss. I will continue studying and if I see anything I will update you. Set you alerts! Goodnight everyone!
Comment:
BTC is currently making a move higher. Watch ADA for moves higher testing the moving averages. I am going to sleep now everyone! Goodnight!
Comment:
If BTC makes it to 48 and holds that level, that's a wrap people!!!!! Ok I am getting too excited before bed. Time to sleep for real now.
