ADAUSD Correction Coming to Critical Point
Updated
Important things to note:
I had some time to study BTC right now
BTC has created 3 lows now it will test
Just closed above a critical level right now
It will need to close above 200EMA to confirm
If it fails it will create a new lower low 42k or 38k, if it passes, it will move higher signaling end to correction
ADA is about to run a test of its own (200MA)
If ADA passes it will test resistance, if not it will get punted down.
My targets remain the same.
If you need to enter, I would advise averaging because BTC can go either way right now.
Important Dates to Take Note of:
ADA Summit Sep 25-26 2021 (likely to produce more important dates)
Again, I have spent most of my time I can allot today to studying the BTC movements. It is coming to a critical point right now, if it can close above 200EMA, it will signal an end to correction. The fact it has created 3 lower lows also helps support this along with bullish divergence on RSI. The last low was created last night while I was sleeping. If it can pass the test it will move the price upward, if it fails the test it will create a newer lower 42K or 38K which will bring ADA to the lows I have mentioned 2.2. and 2.0. While BTC tests, ADA will test as well. ADA will first test the 200MA, and if it passes it will test resistance. If BTC is able to close above where it needs to, ADA will likely push past its resistance and break the flagging pattern where it will consolidate at a support. This will be the 3rd test of resistance which is rather important. Normally, you want to see at least 3 tests of resistance before you expect a result. My targets remain the same. However, I want to note that if you haven't entered and you would like to, you should probably start dollar cost averaging because ADA will start testing soon along with BTC. No one knows what direction it will go right now. However, we will know sooner than we thought. That being said, I am on the last week of studying so I am trying to keep up with everything. I will try the best I can to keep an eye on everything as best I can. This will likely be the last post of the night because I need the rest of it for studying but I will continue to update the chart. My responses might be delayed because of this but I will get to you when I can! Thanks again everyone!
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.
I had some time to study BTC right now
BTC has created 3 lows now it will test
Just closed above a critical level right now
It will need to close above 200EMA to confirm
If it fails it will create a new lower low 42k or 38k, if it passes, it will move higher signaling end to correction
ADA is about to run a test of its own (200MA)
If ADA passes it will test resistance, if not it will get punted down.
My targets remain the same.
If you need to enter, I would advise averaging because BTC can go either way right now.
Important Dates to Take Note of:
ADA Summit Sep 25-26 2021 (likely to produce more important dates)
Again, I have spent most of my time I can allot today to studying the BTC movements. It is coming to a critical point right now, if it can close above 200EMA, it will signal an end to correction. The fact it has created 3 lower lows also helps support this along with bullish divergence on RSI. The last low was created last night while I was sleeping. If it can pass the test it will move the price upward, if it fails the test it will create a newer lower 42K or 38K which will bring ADA to the lows I have mentioned 2.2. and 2.0. While BTC tests, ADA will test as well. ADA will first test the 200MA, and if it passes it will test resistance. If BTC is able to close above where it needs to, ADA will likely push past its resistance and break the flagging pattern where it will consolidate at a support. This will be the 3rd test of resistance which is rather important. Normally, you want to see at least 3 tests of resistance before you expect a result. My targets remain the same. However, I want to note that if you haven't entered and you would like to, you should probably start dollar cost averaging because ADA will start testing soon along with BTC. No one knows what direction it will go right now. However, we will know sooner than we thought. That being said, I am on the last week of studying so I am trying to keep up with everything. I will try the best I can to keep an eye on everything as best I can. This will likely be the last post of the night because I need the rest of it for studying but I will continue to update the chart. My responses might be delayed because of this but I will get to you when I can! Thanks again everyone!
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.
Note
I put this out so you guys will be able to keep an eye on the movement. I want you to be aware of what is going on and what I see. Like I said, it can go either way. Watch for where the price closes. Again, the targets are the same.Note
Well, unless a miracle happens, in the next 20 minutes, BTC is back to square 1. I put out this chart because I likely wont be able to make one again tonight and I want you to be aware of the market movements while I am gone. Keep an eye on what I mentioned because I am going to be away studying. Again, my targets remain the same as always!!! In regards to ADA, watch for the tests of the 200MA and resistance. There is still a bear flag mind you...Note
Hey everyone! I just took a minute from studying to take a look at what is going on. BTC has missed the mark in a big way on where it closed today. There is a price decision around the corner by the looks of it. At this point it will determine where ADA moves. ADA is still offset to BTC. I had to rush this post and honestly my post earlier today as well because this week I am short on time and today I am especially busy. I will be less busy tomorrow except for the night. I am trying to take in the info and keep you up to date as much as possible. I realize I leave bits of information all over the place (my posts, my updates and my comments). So, I decided to sit down and go over everything so no one is confused since this will be my last post of the night.BTC is showing mixed signs, we have 3 lower lows (which I forgot to check until I noticed the one last night was the 3rd. Usually this is when the price moves. However, it did not ( I am guessing its because of the news of the wash-sale rule currently being outlined in the house at the moment and investors need to digest what that will mean long term if anything). If there was bullish momentum it needed to close above the 200EMA, it did not. However there is bullish divergence in the RSI that I noticed, and 3 touches, we already saw the price tried to run on impulse and was rejected. Now Since the price hasn't closed where it needed to, it is likely to fall and create another new low which will bring along the impulse. Again, I have said this before, the signal of the end of the correction will come in the form of a fast impulse buy and consolidation at a higher support. You will know it because it will create a higher high on the downtrend. The price is about to make a decision, I am guessing lower, but we will see.
Now, lets take a look at ADA. ADA is in a bear flag at the moment. You should assume the price will continue downwards to our targets (2.2 and 2.0) Unless there is a signal and confirmation otherwise. We do not have a sign at the moment and it looks like it will be heading downward soon. It is still business as usual for ADA. Now, lets say the market start to move? How will you know? There will be a test of the 200MA for ADA, then it will test resistance. And honestly a 3 test of resistance is likely to produce a break. So, that is how you will know. If you want a bullish indication, set an alert on the 200MA, for bearish, set the alerts for 2.0 and 2.2.
I hope this helps you understand what I have been trying to say today. If not, just drop a comment and I will try to get to it as soon as I can.
I do not believe BTC will make too many more lower lows to be honest. I feel like after today, it is letting us know the move is coming soon. I will keep an eye on it. Thanks again!!!
Note
Well, the the bullish signs prevailed. BTC is moving upwards. It is testing the 200MA right now. Things look rather good. Unfortunately, I am not going to get to see how this plays out. But like I said in a comment down there "Honestly things are looking pretty good right now either way. BTC is still showing bullish divergence as long as the RSI doesn't fall, and if it does fall and pullback, there will likely be an impulse. That is why I feel we are getting pretty close to the finish line with this correction. But who knows, maybe I am wrong! We will see!"
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