ADAUSD Bullish Divergence and Update (repost)
Updated
Important things to note:
BTC is close to finishing its correction.
BTC hit 56.5, I told everyone it might go to 56.4, close enough.
BTC will have to push up above last low to insure bullish movement.
It looks like BTC is heading lower than I expected. I still think we are nearing the end of the pullback.
Unit then BTC will bounce around until the move is accomplished.
Total2 has reached the bottom of its pullback in my opinion.
Total2 will bounce around for a bit and then the upward move will start again.
ADA has finally has a good test of the 200MA.
I use a previous example of the 200MA test pushing the price upwards creating that base.
My thoughts on the overall pattern of ADA has not changed.
Basing patterns are common in a long term uptrend.
If you don't know what I mean by basing pattern, it means a cup.
Important dates to note:
BTC ETF Deadlines Nov. 21, Dec. 8, Dec. 11 and Dec. 24.
Before pushing upwards, BTC will have to move past its last low. Until that point I expect it to just move back and forth basically. It has failed to maintain its current position but I believe we are nearing the end of the pullback. Total2 looks like it has a bottom, and I expect the movement to be similar to the movements in the past after a pullback (bounce around and consolidate, then push upward rather fast). Now, ADA was starting to form its basing pattern a bit early but got stopped by BTC . Everyone here knows I wanted to see a test of the 200MA before hand (I have talked about it in almost every ADA chart for the past month). So this move did not surprise me at all. Also, it doesn't change the outlook on ADA. The chart I made a few weeks ago calling for a basing pattern to form for ADA is what I expect to happen. I have shown you a previous example of what I expect. I have not been putting out as many ADA charts recently because honestly you know all of the important information at this point. BTC is on the last leg of the bull run, enough money has moved into alts to have them follow BTC , and ADA should create its basing pattern where it will produce more targets from there. Though I am sure posting everyday will gain me a bigger following, I don't care about a following, I am a trader. If I do not have something to talk about it wastes your time as well as mine, and I value my time. The most I do now, is explain past movements or call out something I see that may be of interest so you understand what is going on.
Tell me what you think?
This is not financial advice. DYODD.
BTC is close to finishing its correction.
BTC hit 56.5, I told everyone it might go to 56.4, close enough.
BTC will have to push up above last low to insure bullish movement.
It looks like BTC is heading lower than I expected. I still think we are nearing the end of the pullback.
Unit then BTC will bounce around until the move is accomplished.
Total2 has reached the bottom of its pullback in my opinion.
Total2 will bounce around for a bit and then the upward move will start again.
ADA has finally has a good test of the 200MA.
I use a previous example of the 200MA test pushing the price upwards creating that base.
My thoughts on the overall pattern of ADA has not changed.
Basing patterns are common in a long term uptrend.
If you don't know what I mean by basing pattern, it means a cup.
Important dates to note:
BTC ETF Deadlines Nov. 21, Dec. 8, Dec. 11 and Dec. 24.
Before pushing upwards, BTC will have to move past its last low. Until that point I expect it to just move back and forth basically. It has failed to maintain its current position but I believe we are nearing the end of the pullback. Total2 looks like it has a bottom, and I expect the movement to be similar to the movements in the past after a pullback (bounce around and consolidate, then push upward rather fast). Now, ADA was starting to form its basing pattern a bit early but got stopped by BTC . Everyone here knows I wanted to see a test of the 200MA before hand (I have talked about it in almost every ADA chart for the past month). So this move did not surprise me at all. Also, it doesn't change the outlook on ADA. The chart I made a few weeks ago calling for a basing pattern to form for ADA is what I expect to happen. I have shown you a previous example of what I expect. I have not been putting out as many ADA charts recently because honestly you know all of the important information at this point. BTC is on the last leg of the bull run, enough money has moved into alts to have them follow BTC , and ADA should create its basing pattern where it will produce more targets from there. Though I am sure posting everyday will gain me a bigger following, I don't care about a following, I am a trader. If I do not have something to talk about it wastes your time as well as mine, and I value my time. The most I do now, is explain past movements or call out something I see that may be of interest so you understand what is going on.
Tell me what you think?
This is not financial advice. DYODD.
Note
Someone reported my last post so it got taken down for mentioning my future plans in a post instead of in my signature block. Therefore, I had to repost this. All announcements can be seen below the updates next to the Instagram button on my signature block. LOL sorry for having to see this again. I am sure people do this to every post I make.Note
And there it is. Below I mentioned that BTC was consolidating below a critical level and I expect it to push though. I said ADA would follow. Well, here it is.Note
So I have been looking at BTC for awhile now and talking to a few of my friends about the recent price action. On the one hand, we have bearish divergence on the monthly due to the spot market pushing down BTC in general. On the other hand, the only way around this would be a huge pump in the last week of Nov which I find hard to believe but also a lot of alts look rather good. On chain data does not show long term holders selling in masse or people moving more supply onto the exchanges. I see everyone saying the price is going to this and that (mostly bearish), and that also makes me skeptical that it will fall. Since I do not know what is about to happen in this critical moment but I do not see signs of a bear market, I am going to wait and increase my cash on hand just in case.Note
I should also mention that I still see a lot of buying happening. large amounts of BTC. Saw an order a few hours ago. So, I am skeptical things are going to get that bad which is why I have not sold anything. Also, if the price pushes upwards, continuously, there will be no divergence. Another reason I am skeptical. But I have some cash ready in case the pullback intensifies and I see something I can buy that I don't already own.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.