ADAUSD Bears Take Control of Price
Important things to note:
Clearly we are still in a correction
Very short term trend has shifted to downtrend
Trend likely to shift back and fourth until control of asset is clear.
2 lower highs 2 lower lows with proper retracement
Support is 2.18 likely to be tested if bears hold market
BTC has descending wedge, likely to slow the drop
BTC likely to hit 43k at some point, 38k at worst, both are possible at the moment.
Set alerts and stop losses if you need to.
Important Dates to Take Note of:
ADA Alonzo (smart contracts) go live Sep 12 2021
ADA Summit Sep 25-26 2021
So it is clear that the market is still in the correctional phase (likely to take some time). Some assets will do better than others during these times and to be honest, ADA isn't doing bad at the moment. If you take a look at the chart you can see the very short term trend has flipped which was signaled by the rounded price move, and the lower high. During a correction bears and bulls will fight for control of the market so volatility will be increased until a direction is established. Hopefully you are all aware of how to identify trends by now, and are using that knowledge to watch the price movements. What I should say is that I personally believe buyers are waiting for BTC to hit the 43k level, this will likely prompt the bulls to buy and try to mount a push, however if that fails and there isn't a sufficient amount of buying, the price can fall to 38K. What that means in terms of ADA is a test of the 2.2 support or a drop to around 1.8, which I would love to see for another 5-10k entry. This price drop will likely be the catalyst that brings bullish energy back into the market, completing the pullback. I am a bit more optimistic than most people right now because pullbacks tend to be anywhere from 20%-30% normally, and we have already seen 20%. Obviously anything can happen, I just think having a doomsday scenario when there is a pullback is just as bad as saying an asset will go to the moon on an uptrend. I like to look a the small details and go from there. Volume will fall off completely the next couple days due to the weekend so this can mix things up a bit. Now, as I always say, make sure you set your alerts, set stop losses, and try to relax. Patience, knowledge and time are things you can always count on in uncertain times. I will continue to keep an eye on ADA and update everyone accordingly. Cheers!
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.
Clearly we are still in a correction
Very short term trend has shifted to downtrend
Trend likely to shift back and fourth until control of asset is clear.
2 lower highs 2 lower lows with proper retracement
Support is 2.18 likely to be tested if bears hold market
BTC has descending wedge, likely to slow the drop
BTC likely to hit 43k at some point, 38k at worst, both are possible at the moment.
Set alerts and stop losses if you need to.
Important Dates to Take Note of:
ADA Alonzo (smart contracts) go live Sep 12 2021
ADA Summit Sep 25-26 2021
So it is clear that the market is still in the correctional phase (likely to take some time). Some assets will do better than others during these times and to be honest, ADA isn't doing bad at the moment. If you take a look at the chart you can see the very short term trend has flipped which was signaled by the rounded price move, and the lower high. During a correction bears and bulls will fight for control of the market so volatility will be increased until a direction is established. Hopefully you are all aware of how to identify trends by now, and are using that knowledge to watch the price movements. What I should say is that I personally believe buyers are waiting for BTC to hit the 43k level, this will likely prompt the bulls to buy and try to mount a push, however if that fails and there isn't a sufficient amount of buying, the price can fall to 38K. What that means in terms of ADA is a test of the 2.2 support or a drop to around 1.8, which I would love to see for another 5-10k entry. This price drop will likely be the catalyst that brings bullish energy back into the market, completing the pullback. I am a bit more optimistic than most people right now because pullbacks tend to be anywhere from 20%-30% normally, and we have already seen 20%. Obviously anything can happen, I just think having a doomsday scenario when there is a pullback is just as bad as saying an asset will go to the moon on an uptrend. I like to look a the small details and go from there. Volume will fall off completely the next couple days due to the weekend so this can mix things up a bit. Now, as I always say, make sure you set your alerts, set stop losses, and try to relax. Patience, knowledge and time are things you can always count on in uncertain times. I will continue to keep an eye on ADA and update everyone accordingly. Cheers!
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.
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