ADAUSD Slow Sideways Consolidation Falling Wedge
Updated
Important things to note:
ALTS are trading sideways mostly as I said would happen.
ADA price should pullback a bit short term and bounce.
ADA also in descending wedge (longer term).
Waiting on BTC.D to drop.
When BTC.D falls, alt pairs will start moving upwards.
Most alts are consolidating strongly.
Very slow PA right now.
Important dates:
BTC ETF Deadlines Nov. 21, Dec. 8, Dec. 11 and Dec. 24.
So I haven't updated in a few days because there wasn't much to update. BTC is consolidating currently for the next move which will likely create a new ATH. I expect a pullback around 73k but we will see. It is after this that I expect alts to start moving again. I have been keeping an eye on BTC.D and I feel like it is very close to hitting its top. I can obviously be wrong since we don't know what will happen when BTC hits numbers never imagined previously. Most alts including ADA have done exactly what I said would happen which would be to consolidate in a lot of sideways PA. Remember we expect to see mostly consolidation, slow grinding upward gains, and a pullback or two until alts start to really move. That is exactly what you are seeing right now. ADA is in an ascending channel so expect a small pullback, the size of the bounce will tell you where the price is likely to head next. Looking longer term, ADA is in a descending wedge, so you can expect that the price will bounce and break out of the pattern at some point. Also notice the 200MA is rising. I do not see the price falling below this point at the moment. However, it can bounce off of it and everyday, the 200MA gets closer to the price. As always, I will continue to update everyone on the price movements. However, do not expect much of anything until BTC.D starts falling. This is a great opportunity to DCA if you haven't and not just with ADA. There are plenty of opportunities out there and I have spent this consolidation period swing trading the sideways PA and rotating into promising looking alts. Thanks again everyone!
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.
ALTS are trading sideways mostly as I said would happen.
ADA price should pullback a bit short term and bounce.
ADA also in descending wedge (longer term).
Waiting on BTC.D to drop.
When BTC.D falls, alt pairs will start moving upwards.
Most alts are consolidating strongly.
Very slow PA right now.
Important dates:
BTC ETF Deadlines Nov. 21, Dec. 8, Dec. 11 and Dec. 24.
So I haven't updated in a few days because there wasn't much to update. BTC is consolidating currently for the next move which will likely create a new ATH. I expect a pullback around 73k but we will see. It is after this that I expect alts to start moving again. I have been keeping an eye on BTC.D and I feel like it is very close to hitting its top. I can obviously be wrong since we don't know what will happen when BTC hits numbers never imagined previously. Most alts including ADA have done exactly what I said would happen which would be to consolidate in a lot of sideways PA. Remember we expect to see mostly consolidation, slow grinding upward gains, and a pullback or two until alts start to really move. That is exactly what you are seeing right now. ADA is in an ascending channel so expect a small pullback, the size of the bounce will tell you where the price is likely to head next. Looking longer term, ADA is in a descending wedge, so you can expect that the price will bounce and break out of the pattern at some point. Also notice the 200MA is rising. I do not see the price falling below this point at the moment. However, it can bounce off of it and everyday, the 200MA gets closer to the price. As always, I will continue to update everyone on the price movements. However, do not expect much of anything until BTC.D starts falling. This is a great opportunity to DCA if you haven't and not just with ADA. There are plenty of opportunities out there and I have spent this consolidation period swing trading the sideways PA and rotating into promising looking alts. Thanks again everyone!
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.
Note
I should also mention that I believe alts will start to move sooner than later. Everyone that follows me knows this by now. I can see them moving end of OCT at earliest to end of NOV at the latest.Note
Also in preparation for the pump, I have been rotating funds and adding to current positions. If you care to know which coins I am talking about (you probably do), they are: TLOS, MTV, ONE. This week I am looking into privacy coins. I am going to position myself strongly in the metaverse index and the privacy index shortly. Cheers.Note
TV is broke lolNote
I smell blood in the water for alts the next week. I see a lot of ugly patterns forming. This should coincide with BTC pushing for ATH. I am more liquid than usual in preparation. I have been DCAing on alts that I deem promising.Note
Some people might be skeptical of me saying investors are starting to position themselves in alts. This shouldn't surprise you at all, they buy low and a sideways market is a great time to rotate. This is not true for every alt, just the ones smart money believes will outperform in the future. They typically look for a growing number of transactions on a certain platform in case you were wondering. Transactions for ADA on the other hand have gone down significantly recently, this is why the dominance looks the way it does at the moment. Things they are interested in right now: NFTs, defi, privacy, metaverse. However, if you want me to be more specific, this started around the 12th. This does not mean ALTs are about to fly through the roof right now, it means they are starting to position themselves at good prices for when alt season comes. If you would like to verify it and you don't personally know any extremely large investors or you can't afford the tier 3 glassnode subscription, go to messari.io and look at the market cap dominance for SOL, ETH, DOT, ONE. You can do this on tradingview but it doesn't have the dominance for a lot of alts. While retail is scared and starting to sell, they buy. When the dominance starts to bear flag and you see upward movement, the people buying are the smart money. When the dominance goes down on a bear flag pole, that's retail. This is typical of what you saw during the entire pullback, retail sold low, smart money bought during the entire month of sep.Note
ETH looks good.Note
BTC sooooooooo close.Note
Everyone: alts will get turned to dust like in 2017Nov 2017: alts almost double market cap
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