ADAUSD Forming Basing Pattern with BTC
Actualizado
Important things to note:
BTC closed above 51K, likely to test 55k next.
ADA tested main trendline twice and produced long wicks
Started moving back up into a basing pattern (happens prior to price move)
Short term target 3.16-3.24
Volume filling
Pullback overdue, ADA shows oversold on weekly.
ADA price sitting right above main trendline
Important Dates to Take Note of:
BTC becomes legal tender in El Salvador Sep 7 2021
ADA Alonzo (smart contracts) go live Sep 12 2021
ADA Summit Sep 25-26 2021
Well, like I said earlier charts, ADA can either break the main trendline or form a basing pattern which will produce a minor target of 3.16-3.24. This was due to the fact that BTC proved it can close above 51k. This tells analysts that the price of BTC will test 55k next. This will be great for the overall crypto market and will help some altcoins more than others, for example LTC. Now, if you take a look at the chart, you will see that there were two separate tests of the main trendline that produced rather long wicks which tells us that people were willing to buy at that level and not much selling was happening there. However, this could have easily taken a turn for the worst if BTC did not close at 51k. The volume is filling nicely where it needs to. There will likely be a pullback in its future, however we will take it day by day and not lean too far in either direction. I realize that there are some of you out there that have not entered in ADA yet and would like to. I cannot tell you what you should do. What I can tell you is that right now ADA just escaped a pullback ever so slightly and will need to push upward to give it some breathing room. There is a basing pattern forming right now, that is when people usually enter the market, at a support. If you want to enter now is completely up to you. I have given you the upside target, and by now you should know my downside target. I personally will not be entering because I do not want to average up that high, I want to wait for a better price. I realize that a pullback will come sooner or later and I am a very patience person with a risk tolerance far lower than most people. My risk tolerance has kept me safe, so it is something I trust very much. However, everyone's risk tolerance is different, and that is why I consider investing an extremely personal pursuit. What is right for me may not be right for you, and that is ok. So, if you are thinking of entering, there is a basing pattern forming as we speak, this occurs before a push upwards. The overall market is likely to continue upwards until BTC tests 55k (of course there will be a little retracement along the way). Just be aware of the risks; the slope is flattening, there has not been a significant pullback yet, the trendline was just tested and the price is currently not too far away from it. I am going to sit this one out because I already have a substantial amount of money in ADA at a good price. I have about 5-10 grand more I would like to contribute at some point, but now is not the time for me. That being said, I will continue to monitor ADA and if you have any questions, feel free to ask!
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.
BTC closed above 51K, likely to test 55k next.
ADA tested main trendline twice and produced long wicks
Started moving back up into a basing pattern (happens prior to price move)
Short term target 3.16-3.24
Volume filling
Pullback overdue, ADA shows oversold on weekly.
ADA price sitting right above main trendline
Important Dates to Take Note of:
BTC becomes legal tender in El Salvador Sep 7 2021
ADA Alonzo (smart contracts) go live Sep 12 2021
ADA Summit Sep 25-26 2021
Well, like I said earlier charts, ADA can either break the main trendline or form a basing pattern which will produce a minor target of 3.16-3.24. This was due to the fact that BTC proved it can close above 51k. This tells analysts that the price of BTC will test 55k next. This will be great for the overall crypto market and will help some altcoins more than others, for example LTC. Now, if you take a look at the chart, you will see that there were two separate tests of the main trendline that produced rather long wicks which tells us that people were willing to buy at that level and not much selling was happening there. However, this could have easily taken a turn for the worst if BTC did not close at 51k. The volume is filling nicely where it needs to. There will likely be a pullback in its future, however we will take it day by day and not lean too far in either direction. I realize that there are some of you out there that have not entered in ADA yet and would like to. I cannot tell you what you should do. What I can tell you is that right now ADA just escaped a pullback ever so slightly and will need to push upward to give it some breathing room. There is a basing pattern forming right now, that is when people usually enter the market, at a support. If you want to enter now is completely up to you. I have given you the upside target, and by now you should know my downside target. I personally will not be entering because I do not want to average up that high, I want to wait for a better price. I realize that a pullback will come sooner or later and I am a very patience person with a risk tolerance far lower than most people. My risk tolerance has kept me safe, so it is something I trust very much. However, everyone's risk tolerance is different, and that is why I consider investing an extremely personal pursuit. What is right for me may not be right for you, and that is ok. So, if you are thinking of entering, there is a basing pattern forming as we speak, this occurs before a push upwards. The overall market is likely to continue upwards until BTC tests 55k (of course there will be a little retracement along the way). Just be aware of the risks; the slope is flattening, there has not been a significant pullback yet, the trendline was just tested and the price is currently not too far away from it. I am going to sit this one out because I already have a substantial amount of money in ADA at a good price. I have about 5-10 grand more I would like to contribute at some point, but now is not the time for me. That being said, I will continue to monitor ADA and if you have any questions, feel free to ask!
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.
Nota
I should also mention that I would wait to see the next retracement from BTC which should be happening for the next 24 hours. This will likely have a negative impact of the price of ADA.Nota
The next few hours will be very important regarding ADA's price moving forward.Nota
If the price does not run to at least 2.96 within the next few hours, the pattern will likely break. The trend like would be the next thing to have a serious test.
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