Important things to note:
My previous exact target of 2.79 hit perfectly (I will explain below).
Double bottom pattern was catalyst for push to completion of M pattern (target).
We have a basing pattern and consolidation which can create cup and handle.
After consolidation short term target of 2.9, major target if completed is 3.25 (which coincides with my target from weeks ago).
ADA proves to everyone that it is clearly stronger than BTC .
Consolidation will continue to occur until price decision is made and a movement occurs.
I have noted the floor for the consolidation on my chart.
I am not going to speculate as to why the push occurred (Alonzo tomorrow), the fact is, it was a pattern that needed to complete regardless.
This is how technical analysis works.
It is important you read what I write.
Important Dates to Take Note of:
ADA Alonzo (smart contracts) go live Sep 12 2021
ADA Summit Sep 25-26 2021
So a lot of people might be scratching their heads right now wondering how I knew the price would have an exact target of 2.79 regardless of whether it falls to 2.2 or not. I tried to warn you all in my update and by the fact that I said it would go there even if ADA completes the correction early. That means, if you have not entered at all, you probably should. The fact is an M pattern was created before the fall, which told me the price was going to come back to the bottom of the middle of the M. The distance is similar between the 2 peaks of the M so it rather easy to spot. Keep this in mind whenever you see this pattern in the future. I will be able to explain this better when I make my videos and I can show you firsthand how it works. Now take a look at the chart. We see that a double bottom was the reason for the move to our target which completes that pattern. We now have a basing pattern which can be considered a cup, and the consolidation that is forming will likely be the handle. This will take some time to complete. I have showed where the floor for the consolidation is. This is only important to people who are short term traders using leverage. It is very rare that you buy and sell large amounts of your own assets when you are trading this way, which is why you use leverage instead. People that do not have a portfolio of at least 20k should not trade this way. If you are still building your portfolio, you want to acquire assets at discounts and forget about the small details. As I have said before the best way to do this is dollar cost averaging. Otherwise, you are just likely to lose money that you can't afford to lose and this is where the patience aspect of trading comes into play. That is why the few years of trading are the most difficult. That being said, I am not going to tell people when they should enter or exit a trade, that is for you to decide. Do not try to "get rich quick", it doesn't work that way and you are likely to get crushed. I believe I have told you all you need to know regarding building a portfolio. What I am going to tell you regularly is what I see and how technical analysis works in general. Now, if the consolidation completes, we will likely see a stop at 2.9. However, I have a longer target of 3.25 if the handle completes. This agrees with a cup and handle pattern I charted weeks ago, so I will be betting that is where it is headed. I have mentioned that ADA is stronger than BTC to many people (that is not the only asset stronger than BTC BTW), but this clearly proves it without me having to explain myself (see my update on my last chart). I am not going to speculate what caused the move, to me, it is just patterns coming to completion. You can say it is Alonzo, however, I file that in the fundamental portion of my analysis and has little to do with technical analysis. Therefore, I do not include the release of Alonzo in my technical analysis, it is too much of a short-term unknown, however long-term, very bullish. Remember, investing is a learning process, you will get better at it over time. If you make any mistakes, learn from them and continue to be patient. Big things do not happen overnight. I will continue to keep an eye on ADA and update you all accordingly.
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.
My previous exact target of 2.79 hit perfectly (I will explain below).
Double bottom pattern was catalyst for push to completion of M pattern (target).
We have a basing pattern and consolidation which can create cup and handle.
After consolidation short term target of 2.9, major target if completed is 3.25 (which coincides with my target from weeks ago).
ADA proves to everyone that it is clearly stronger than BTC .
Consolidation will continue to occur until price decision is made and a movement occurs.
I have noted the floor for the consolidation on my chart.
I am not going to speculate as to why the push occurred (Alonzo tomorrow), the fact is, it was a pattern that needed to complete regardless.
This is how technical analysis works.
It is important you read what I write.
Important Dates to Take Note of:
ADA Alonzo (smart contracts) go live Sep 12 2021
ADA Summit Sep 25-26 2021
So a lot of people might be scratching their heads right now wondering how I knew the price would have an exact target of 2.79 regardless of whether it falls to 2.2 or not. I tried to warn you all in my update and by the fact that I said it would go there even if ADA completes the correction early. That means, if you have not entered at all, you probably should. The fact is an M pattern was created before the fall, which told me the price was going to come back to the bottom of the middle of the M. The distance is similar between the 2 peaks of the M so it rather easy to spot. Keep this in mind whenever you see this pattern in the future. I will be able to explain this better when I make my videos and I can show you firsthand how it works. Now take a look at the chart. We see that a double bottom was the reason for the move to our target which completes that pattern. We now have a basing pattern which can be considered a cup, and the consolidation that is forming will likely be the handle. This will take some time to complete. I have showed where the floor for the consolidation is. This is only important to people who are short term traders using leverage. It is very rare that you buy and sell large amounts of your own assets when you are trading this way, which is why you use leverage instead. People that do not have a portfolio of at least 20k should not trade this way. If you are still building your portfolio, you want to acquire assets at discounts and forget about the small details. As I have said before the best way to do this is dollar cost averaging. Otherwise, you are just likely to lose money that you can't afford to lose and this is where the patience aspect of trading comes into play. That is why the few years of trading are the most difficult. That being said, I am not going to tell people when they should enter or exit a trade, that is for you to decide. Do not try to "get rich quick", it doesn't work that way and you are likely to get crushed. I believe I have told you all you need to know regarding building a portfolio. What I am going to tell you regularly is what I see and how technical analysis works in general. Now, if the consolidation completes, we will likely see a stop at 2.9. However, I have a longer target of 3.25 if the handle completes. This agrees with a cup and handle pattern I charted weeks ago, so I will be betting that is where it is headed. I have mentioned that ADA is stronger than BTC to many people (that is not the only asset stronger than BTC BTW), but this clearly proves it without me having to explain myself (see my update on my last chart). I am not going to speculate what caused the move, to me, it is just patterns coming to completion. You can say it is Alonzo, however, I file that in the fundamental portion of my analysis and has little to do with technical analysis. Therefore, I do not include the release of Alonzo in my technical analysis, it is too much of a short-term unknown, however long-term, very bullish. Remember, investing is a learning process, you will get better at it over time. If you make any mistakes, learn from them and continue to be patient. Big things do not happen overnight. I will continue to keep an eye on ADA and update you all accordingly.
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:
This is unrelated, but today is an interesting day to post. Today marks the day that was the catalyst for why I joined the military 17 years ago (I know I look rather young). It was in the military that I met one of the best investors I have ever met in my life. He was the one to pushed me to invest, learn about the markets, and taught me fundamental analysis. I have never met anyone better at fundamental analysis than him and I am forever grateful he taught me what he did.
Comment:
I should also mention that BTC is also showing this pattern. Therefore, once it settles at its lowest point (may go down to 42-43k), I believe it will bounce up to about 51K. This will take longer than the altcoins of course. The fuse is lit, it is just a matter of time before the bullish energy explosion goes off. This concept is exactly the same as my last chart for ADA if you need help with the idea.
Comment:
Edit: this doesn't really apply to anyone here, but for accuracy, I should have marked the consolidation floor somewhere lower like 2.577. Again, it doesn't really matter, ADA is in a consolidating flagging pattern regardless.
