ADAUSD TARGET REACHED! Now a Test!
Important things to note:
BTC shorts got squeezed due to contract expiration closing in.
Alts are in great position overall.
Fast movement will be extended consolidation. (multiple tests of support during selling).
My DEC 12 ADA chart looks extremely accurate.
Descending Triangle was reversal signal ( constant buying at lower levels and lower highs at a bottom of trend).
First ADA target has been hit, now a retest of support is next.
Next ADA target is marked on the chart.
If BTC fails to continue, ADA will test last support again (look for the last consolidation on chart).
I believe BTC will continue its upward trend (we got our higher low).
Chinese selling has slowed due to accounts closing DEC 31th.
Tax loss harvesting is also done. Expect buying in the markets come JAN.
Important dates to note:
Evergrande payments (largest payment of 2.1B due March 23, 2022).
So first I want to start by telling you to take a look at my DEC 12th chart. I let you know the descending triangle was signaling a reversal and what to expect, and if you hit play, you can see it matches up rather perfectly. We would have gotten this reversal in NOV if BTC didn't fall, which I also mentioned previously. Just so you understand, this is due to people buying up the lower levels. They were signaling to the market that there is high demand at the price point. Next we saw our breakout, then it tested the resistance target I set perfectly. Now it will test support during consolidation before heading to the next resistance target. If BTC fails to continue upwards, expect ADA to retest the last area of consolidation. However, the way things are going, this does not seem likely at the moment. This is due, in part to a number of situations putting BTC is a bullish scenario. The Chinese accounts will be closed by Dec 31st so the selling is almost done, and tax loss harvesting is done due to the holidays. This means retail has free reign of bargain prices for BTC without worry about the price being pushed around by institutions. Because of this, all of the shorts had to cover and this caused a squeeze moving the price upwards since contracts were about to expire. The market is now closed for holiday Dec 23-27th so any downward consolidation will create a gap that will most likely be filled when the price moves up again. I am going to be posting other assets that I find interesting as well. Thanks again everyone, Merry Christmas to you and your families and Happy New Year!
So, tell me what you think!
This is not financial advice. Do your own due diligence.
BTC shorts got squeezed due to contract expiration closing in.
Alts are in great position overall.
Fast movement will be extended consolidation. (multiple tests of support during selling).
My DEC 12 ADA chart looks extremely accurate.
Descending Triangle was reversal signal ( constant buying at lower levels and lower highs at a bottom of trend).
First ADA target has been hit, now a retest of support is next.
Next ADA target is marked on the chart.
If BTC fails to continue, ADA will test last support again (look for the last consolidation on chart).
I believe BTC will continue its upward trend (we got our higher low).
Chinese selling has slowed due to accounts closing DEC 31th.
Tax loss harvesting is also done. Expect buying in the markets come JAN.
Important dates to note:
Evergrande payments (largest payment of 2.1B due March 23, 2022).
So first I want to start by telling you to take a look at my DEC 12th chart. I let you know the descending triangle was signaling a reversal and what to expect, and if you hit play, you can see it matches up rather perfectly. We would have gotten this reversal in NOV if BTC didn't fall, which I also mentioned previously. Just so you understand, this is due to people buying up the lower levels. They were signaling to the market that there is high demand at the price point. Next we saw our breakout, then it tested the resistance target I set perfectly. Now it will test support during consolidation before heading to the next resistance target. If BTC fails to continue upwards, expect ADA to retest the last area of consolidation. However, the way things are going, this does not seem likely at the moment. This is due, in part to a number of situations putting BTC is a bullish scenario. The Chinese accounts will be closed by Dec 31st so the selling is almost done, and tax loss harvesting is done due to the holidays. This means retail has free reign of bargain prices for BTC without worry about the price being pushed around by institutions. Because of this, all of the shorts had to cover and this caused a squeeze moving the price upwards since contracts were about to expire. The market is now closed for holiday Dec 23-27th so any downward consolidation will create a gap that will most likely be filled when the price moves up again. I am going to be posting other assets that I find interesting as well. Thanks again everyone, Merry Christmas to you and your families and Happy New Year!
So, tell me what you think!
This is not financial advice. Do your own due diligence.
Comment:
BTC just finished testing its support successfully. Because of this ADA has tested both support levels. Expect increased volume come Monday, however it will still be less than normal.
Comment:
Well looks like traders took the low volume opportunity to book profits off of the push upwards. This created an M pattern for BTC which will bring the price back to 48072, before correcting back up to 49426. What this will look like for alts is a retest of previous supports. For ADA it will head back to 1.39 then bounce from there. Since it is low volume time, the price can be pushed around rather easily so anything can happen really. I saw people were talking about a short squeeze happening this week, which immediately made me think the opposite was going to happen. Not to mention we already had a short squeeze last week lol. Anyways, as long as BTC is above that diagonal support, I am not going to get ready to buy anytime soon.
Comment:
Well that wasn't as bad as I expected. It was a retest of the main trendline for BTC. If you want to follow along, watch the bounce that occurs from the candle. You will want to see a long wick.
Comment:
From looking at BTC, all I see are liquidity hunts. I wouldn't expect much until next week. I am guessing we will fill a bit of that wick before seeing upward momentum.
Merry Christmas everyone and have a fantastic new year!