Important things to note:
First, it is very clear very few people share my sentiment on BTC. Time will tell.
ADA has a small head and shoulders pattern which may just represent retracement.
If I am wrong about the correction, we will see a lower low, I believe 1.71 will be hit in this case.
If I am right, we will see a major higher low, and eventually a cross of 50MA.
I have noted all of the important movements on the chart.
I think we have a good chance at bullish sentiment this week.
We had a break of the bearish trendline (blue line).
Important dates:
I will update this soon when I post about the summit.
So we had a break of the bearish trendline, a test of the 50MA, and some retracement. Overall, I am bullish on the market when I look at where I think BTC is heading. I am not bullish for no reason and many of you probably know that. Now, ADA is retracing from the previous bullish momentum. If I am right, we should see a higher low and another test (and eventual cross) of the 50MA. If I am wrong we will see a lower low, which will likely eventually end up at 1.71. The price can only retrace so much if the bullish trend is to continue and I believe it will by what I can see. Again, I do not prescribe to the notion that ADA will hit 100 in a few months nor do I think it will hit .50 or whatever other people are saying. ADA has made a small H&S pattern which may just represent retracement from the bullish momentum we saw previously. I have charted the important price levels on the chart. I will keep this short because really there is not too much to talk about yet. Remember, ADA and other altcoins will lag behind the momentum that BTC creates. We will see what happens with ADA this week. I still think there will be overall bullish sentiment in the market. I will continue to update you all on what I see! Thanks again!!
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.