ADAUSD Breaks Pattern and Support
Updated
Important things to note:
BTC is pushing forward with the exception of taking liquidity here and there.
ALT pairs are getting wrecked.
It has yet to pullback but I believe it is coming.
ADA has broken the flagging pattern which is not good.
Bull Flags are quite reliable, this signals more pain to come.
The newest support 2.15 was broken.
The next support is 2.03
The last would be the diagonal trendline.
I mentioned the vol squeeze I saw could go either way but likely bullish to due to the patterns.
However, now we have a broken pattern.
ALTs will bleed. Keep cash on hand and stay liquid right now.
ADA will fair better than most alts.
Important dates:
BTC ETF Deadlines Nov. 21, Dec. 8, Dec. 11 and Dec. 24.
So I talked a bit yesterday about the ALTBTC pairs not looking good. Well they are getting wrecked today. This is due to liquidity flowing from alts to BTC like it normally does. In the past when we have seen this, the move was dramatic, and produced lows of 60%. I do not believe this is going to be the case this time, especially for ADA. I mentioned previously that the squeeze we saw could go either way but bullish was likely, however now we have a broken pattern, so expect the downside. There was pressure, but no one can determine if it is upside pressure or downside pressure until a pattern breaks or a move to a price target begins. I had a feeling this might happen so I told everyone to set alerts on the trendlines and supports (I hope you did). The flag broke and now we have a break on the newest support. Stay liquid and keep cash in hand. This will likely produce good buying opportunities at support. If we lose 2.03 the last support would be the diagonal trendline. Whatever might happen, do not worry too much, I believe this will be short lived. Do not get spooked. Again, I believe the alt pump will happen sooner than most people believe. BTC will continue to move upwards taking a small amount of liquidity here and there. Again, I believe the altpump will occur after the BTC ATH and the following pullback occurs. Anyways, I will continue to watch ADA and update you all accordingly. Thanks again everyone, and try to relax, you will be fine.
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.
BTC is pushing forward with the exception of taking liquidity here and there.
ALT pairs are getting wrecked.
It has yet to pullback but I believe it is coming.
ADA has broken the flagging pattern which is not good.
Bull Flags are quite reliable, this signals more pain to come.
The newest support 2.15 was broken.
The next support is 2.03
The last would be the diagonal trendline.
I mentioned the vol squeeze I saw could go either way but likely bullish to due to the patterns.
However, now we have a broken pattern.
ALTs will bleed. Keep cash on hand and stay liquid right now.
ADA will fair better than most alts.
Important dates:
BTC ETF Deadlines Nov. 21, Dec. 8, Dec. 11 and Dec. 24.
So I talked a bit yesterday about the ALTBTC pairs not looking good. Well they are getting wrecked today. This is due to liquidity flowing from alts to BTC like it normally does. In the past when we have seen this, the move was dramatic, and produced lows of 60%. I do not believe this is going to be the case this time, especially for ADA. I mentioned previously that the squeeze we saw could go either way but bullish was likely, however now we have a broken pattern, so expect the downside. There was pressure, but no one can determine if it is upside pressure or downside pressure until a pattern breaks or a move to a price target begins. I had a feeling this might happen so I told everyone to set alerts on the trendlines and supports (I hope you did). The flag broke and now we have a break on the newest support. Stay liquid and keep cash in hand. This will likely produce good buying opportunities at support. If we lose 2.03 the last support would be the diagonal trendline. Whatever might happen, do not worry too much, I believe this will be short lived. Do not get spooked. Again, I believe the alt pump will happen sooner than most people believe. BTC will continue to move upwards taking a small amount of liquidity here and there. Again, I believe the altpump will occur after the BTC ATH and the following pullback occurs. Anyways, I will continue to watch ADA and update you all accordingly. Thanks again everyone, and try to relax, you will be fine.
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
ADA has retreated to support but it is not out of the woods.Note
I reccommend you all watch Pomp's latest podcast with Plan B. Youtube deleted Pomp's channel right after the interview took place and then reinstated it. I do not know why they are trying to get rid of it. I have mentioned PlanB in the past and he is the best an predicting long term prices using supply modeling. Personally, I have followed PlanB's work when he published his first paper years ago. Watch it belowyoutube.com/watch?v=ytmhmixeCRo&t=3s&ab_channel=AnthonyPompliano
Note
So I am not sure anyone even reads my updates, but previously I asked if anyone was going to hedge their portfolio with BTC. I asked that because obviously that is something I do. I will move my assets back and forth depending on where the market is heading while acquiring more assets at good prices. You have to realize what you are investing in when it comes to BTC/ALTs etc. With BTC you are investing in a store of value (think gold but much much better). With many alts, you are investing in a blockchain based company, (these companies will likely be the next tech barons 10-20-30 years from now). Then there are the S&ITcoins that have almost no fundamentals and are used to make quick money fast due to hype and fomo. Keep this in mind when you are investing.Note
I am not one of your favorite influencers. I have no vested interest in the price of the asset going up or down. I will move with the market. I do not care about changing my opinion on an asset, this is something you need to do often when you are investing. I am not afraid of losing followers or getting few likes. I do not get paid for this so I do not care. I make the calls that I see based on the information in front of me. I try not to speculate. Everything I say needs to be backed by some fact, not a feeling. I do this to teach you how to invest and how to approach TA. I have said this before, I do not want you to follow anyone, not even me. I want you to get to a point where you can invest yourself. I want to create a group of people that all have a strong understanding of market dynamics and TA, not a group of people that wait for what I said about some coin. I am not going to fool you into believe that you cannot do this yourself. You can. I am not better than you, I have just studied and have more experience. Many of your influencers will sell indicators, have colorful charts, and make it seem like they have the "secret", this is false. They do not possess anything you cannot obtain yourself. Never forget that. That being said, I also do not look down on them for creating passive income. If they are putting their time into something why should they not get paid for it? Some institutional investors will use indicators that they make to cut down on the time it takes to do TA. However, they have a team of people doing this and very little time themselves. You do not need any of that to make money investing. You just need to learn and practice. That is how I feel, if you were wondering (you probably weren't LOL).Note
If you are looking at ADABTC pairs, I am seeing the movement going to 2924 before ending. That is a rough estimate that I marked on my own charts. I believe it will end somewhere around there.Note
I figured there would be a tiny bounce when I was looking at the pairs yesterday, but I don't think it will last long. I have said before I don't think things will turn around until the end of OCT at the earliest. This depends on how fast BTC can hit its ATH, and it's coming faster than I originally thought.Note
Jamie Dimon - "I'll just challenge the group to one other thing: how do you know it ends at 21 million? You all read the algorithms? You guys all believe that? I don't know, I've always been a skeptic of stuff like that."The FUD is real. BTW it's not hard to read BTC source code. It might be the simplest most impactful code ever written. LOL. I am sure JPM is buying BTC right now.
Note
Funny story: I have a friend of a friend. He knows I am an avid investor and asked me for advice. I decided to help the guy out a bit and I very generally told him to invest in ETH back in 2017. He knew nothing about investing or crypto. He said what if it goes down, I said long term, you will be fine. He bought at the worst time. Somewhere near the top (as most newbies do). The next time I saw him he told me ETH went down and went on to complain until my ears bled. I told him to relax and sit on it. He did. It went up to 4 grand, he told everyone how much he made (I heard this from my other friends). Then the pullback came and apparently he sold at the bottom (as most newbies do). He ended up with minimal gains. Still better than the stock market I believe. But minimal for crypto. This is what not controlling your emotions looks like. Don't be like this guy.Note
So I have been watching ETHBTC for a sign that the alts will start to move. ETH made the first stop on its journey downward, and then gave a little pump up to the 200MA due to the divergence just as planned. I expect a bit more blood. However, it is not looking like just a little pump, its starting to flag. I don't want to get my hopes up this soon because there is just a small pattern, but I want you to know what I am currently watching incase you want to take a look too. Very interesting.
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