Important things to note:
ADA has created Symmetrical Triangle (Bear Pennant)
Price will need to make a decision (Break to upside or downside of triangle)
BTC looks terrible right now on all timeframes
Supports are noted on the chart (2.39 and 2.2)
You will need to see the price break 2.58 to signal possible short term reversal
Best we can hope for is a basing pattern
Important Dates to Take Note of:
ADA Alonzo (smart contracts) go live Sep 12 2021
ADA Summit Sep 25-26 2021
So, lets start with what we see on the ADA 4hr chart. I had to use the 4 hr chart so you can see the supports clearly. I see a flagpole and a pennant forming which will prompt a price decision. Keep in mind just because there is a bear pennant does not mean the price will break to the downside. There are plenty of occasions where a price will break to the upside and consolidate. I am worried there is not enough volume right now to allow ADA to consolidate into a basing pattern, but we will see. You will need to set alerts at the support levels and on the sides of the symmetrical triangle. If you are worried, make sure you are setting limits with your trading platform. There is a lot of resistance at 2.58 and this is the price level ADA must pass to signal a short term reversal (provided there is proper retracement 30%-60%). However, a short term trend doesn't tell us much. It will take weeks until we have the peaks and valleys we need to determine an intermediate trend or reversal. BTC doesn't look very good at any timeframes right now so I doubt anything good will be coming from that anytime soon. I do believe the BTC pullback will last until the end of September and will end up around 43k, along with many other analysts. However, just because BTC is down does not mean ADA will follow it exactly. Hopefully the release of Alonzo can bring in some buying power along with whatever news comes out of the summit. A lot of people have asked me what happened last night to the market. I have been so busy today I have not been able to look into it at all, but usually this occurs from options and futures contracts due to overleveraging, but I could be wrong. That is just usually the case when something like that happens. The problem was most likely exacerbated by bears who had limit orders in as well. It just looked like a mass liquidation event to me. Regardless, it prompted the pullback that was very necessary and I will look into what caused the pullback tomorrow. I will continue to watch ADA as much as possible. I apologize for being so busy but this week and the following week are pure madness.
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.
ADA has created Symmetrical Triangle (Bear Pennant)
Price will need to make a decision (Break to upside or downside of triangle)
BTC looks terrible right now on all timeframes
Supports are noted on the chart (2.39 and 2.2)
You will need to see the price break 2.58 to signal possible short term reversal
Best we can hope for is a basing pattern
Important Dates to Take Note of:
ADA Alonzo (smart contracts) go live Sep 12 2021
ADA Summit Sep 25-26 2021
So, lets start with what we see on the ADA 4hr chart. I had to use the 4 hr chart so you can see the supports clearly. I see a flagpole and a pennant forming which will prompt a price decision. Keep in mind just because there is a bear pennant does not mean the price will break to the downside. There are plenty of occasions where a price will break to the upside and consolidate. I am worried there is not enough volume right now to allow ADA to consolidate into a basing pattern, but we will see. You will need to set alerts at the support levels and on the sides of the symmetrical triangle. If you are worried, make sure you are setting limits with your trading platform. There is a lot of resistance at 2.58 and this is the price level ADA must pass to signal a short term reversal (provided there is proper retracement 30%-60%). However, a short term trend doesn't tell us much. It will take weeks until we have the peaks and valleys we need to determine an intermediate trend or reversal. BTC doesn't look very good at any timeframes right now so I doubt anything good will be coming from that anytime soon. I do believe the BTC pullback will last until the end of September and will end up around 43k, along with many other analysts. However, just because BTC is down does not mean ADA will follow it exactly. Hopefully the release of Alonzo can bring in some buying power along with whatever news comes out of the summit. A lot of people have asked me what happened last night to the market. I have been so busy today I have not been able to look into it at all, but usually this occurs from options and futures contracts due to overleveraging, but I could be wrong. That is just usually the case when something like that happens. The problem was most likely exacerbated by bears who had limit orders in as well. It just looked like a mass liquidation event to me. Regardless, it prompted the pullback that was very necessary and I will look into what caused the pullback tomorrow. I will continue to watch ADA as much as possible. I apologize for being so busy but this week and the following week are pure madness.
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.
Commentaire:
Those long wicks on the 1hr look terrible and BTC is testing the lower limits of of the pattern right now. The 1D for BTC looks like a bull trap to me.
Commentaire:
buckle up everyone its gunna be a bumpy ride
Commentaire:
Pattern has broken to the downside on BTC chart and ADA chart.
Commentaire:
ok I am going to sleep now, good luck out there!
