ADA showed us last night that it has strong bullish support and has no intention of retreating until it tests the all time again at least one more time. I am actually surprised at the amount of bullish sentiment after a failed run to all time high. Usually, the price is severely punished after an all time high miss. However, the bulls don't seem to care, and will not be exploited by the sellers. This is definitely a quality unique to the crypto space. I like to air on the side of caution however. I would rather be careful than foolish. If we take a look at the chart I noticed a giant ascending triangle that has formed with the top being the all time high range and the hypotenuse being the slope. Since the volume has had time to consolidate, the support zones are clearly defined and have a massive amount of volume behind them. The consolidation pattern that is forming at the moment is flagging. The price is still in the consolidation zone I created on my last chart and I believe it will stay here until it is ready. It is not the prettiest pattern, but it will do for now. We are likely to see more consolidation and a strong push to test the all time high in the coming days. I will be watching closely.
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.
Now lets talk about why ADA has so much strength. Cardano is about to release smart contract September 12 with the Alonzo release. This addition makes it a viable competitor to ETH as an open source platform. Right now, it is just a glorified ledger. As a person who plans to be a Cadano Developer once Alonzo is released, it makes me wonder how far ADA can go. I have heard people say it cannot go to 100 dollars because it will need around a 3T market cap. But considering in the past 2 weeks ADA has added 31B to its market cap, it's definitely not out of the realm of possibility. Also, considering Grayscale Investments has picked it up, I think it has a LOT more room to grow.
Tell me what you think?
This is not financial advice. DYODD.
Comentarios
⋅
Consolidation is breaking the flag pattern to form a cup. This pattern will likely be the catalyst for the next push to the all time high.
Wow yeah, u da man.
I usually just glance over posts because most people don’t take the time and effort to explain their charting and reasoning, but I always read every single thing you write. I just wanted to let you know it’s much appreciated to see someone who is not only able to explain things in a simple way, but also cares enough to reply and elaborate on stuff when asked.
I barely post or comment here and just use the site for research, but you deserve a thank you dude; your effort does not go unnoticed (and I don’t even own ADA lol).
mysticalwalrus
⋅
@Ob87, Thank you so much! I appreciate all of the kind words! I try my best to get to everyone that comments. If I don't it is either because I am extremely busy at the moment or I didn't see it. Well, I know you don't follow ADA, but if you have any questions or want me to take a look at something, feel free to let me know! I invest in everything and keep my eye on the stock market, crypto, bond prices, forex, commodity prices, and the economy in general.
ktrinh042
⋅
Wow thank you so much for such a speedy work! I’m learning TA and this is very helpful. You constantly clear out my doubt. Thanks mate!!! I’m wondering when you will release your first education video about charting?
mysticalwalrus
⋅
@ktrinh042, Thank you for the kind words, it is much appreciated!!! I plan on making the first video in about two weeks, when I get a bit more free time on my hands. After that point, I will release them regularly! Stay tuned!
aliengmt04
⋅
hello, so i want to buy ada for long term. I enjoyed your article, and I wanted to ask your opinion on when it would be a good time to buy long term
mysticalwalrus
⋅
@aliengmt04, So, if I was buying ADA for the first time and I wanted to enter immediately, I would look for a break to either the upside or the downside of the ascending triangle. If the pattern breaks to the upside and creates a new high, you can go long and take profits at the peak of the price point or just hold long term. However, if the pattern breaks to the downside, it would be wise to wait until you see a bottom or confirmation of a change in the trend. Ideally, the best time to enter is at the bottom of a pullback if the asset is on an uptrend. It depends how eager you are.
Awudu1844
⋅
yes yes video tutorial it's gonna be awesome..
mysticalwalrus
⋅
@Awudu1844, I hope so! Each video is going to be a deep dive on a specific concept. I have already started creating a learning outline for the videos.
billbop46
⋅
Excellent work..thank you
mysticalwalrus
⋅
@billbop46, Thank you! I appreciate it! If you have any questions let me know!
I usually just glance over posts because most people don’t take the time and effort to explain their charting and reasoning, but I always read every single thing you write. I just wanted to let you know it’s much appreciated to see someone who is not only able to explain things in a simple way, but also cares enough to reply and elaborate on stuff when asked.
I barely post or comment here and just use the site for research, but you deserve a thank you dude; your effort does not go unnoticed (and I don’t even own ADA lol).