Ascending triangle formed, new support and resistance
Actualizado
Good morning to all my fellow ADA traders, we're in for a ride today given the current formation that developed over night. We will be looking at the 1H time frame today.
Before we start I want to make some key points that could make it or break it for the upcoming end of week for Cardano.
- Smart contracts release date on September 12, 2021
- Cardano summit September 25 - 26, 2021
- BTC is king, no matter how good an altcoin's fundamentals are, any move from BTC will impact the market as a whole and could be the driving force for future pricing to the upside or downside.
- BTC has not made a clear move to the up side or down side after the correction on September 7, 2021 and could catch a lot of people by surprise given a further capitulation of the price.
As we all know, the long awaited Alonzo system for Cardano has been on everyone's mind as a factor for driving the price up, myself included. I will say, with the BTC correction that happened 2 days ago most people are uncertain, it has definitely shaken out a lot of people which in turn has hurt the amount of investors in the crypto space. This is a little worry some for smart contract release date as the sentiment has changed a lot in recent days from extreme greed to now a neutral/fearful market based on the fear and greed index. Without further due, here's my analysis.
There is a clear ascending triangle formation that has been created overnight, we are at a key point nearing the end of the formation.
Looking at the RSI we can see a clear up trend being formed from the bottom, the only thing that worries me is the fact that we are approaching the overbought area as we are sitting currently at about 61 on the RSI near the end of the triangle formation. We would need a lot of buy pressure in order to continue this upward momentum which would follow into the overbought area, and even then we would meet resistance at the new found level that used to act as support sitting at $2.64. In the event we break the triangle to the downside, my new price prediction for ADA would be going back to $2.42 which in fact is actually the same level as the "golden pocket" on the Fibonacci. Any move to the downside that would break our new level of support would have us more than likely back up somewhere close to the $2.20 level and possibly even a retest of that level as a whole.
The MACD is also looking a bit bearish in the short term as our beloved blue line is looking to cross over the signal line to the down side.
We're at a key point in the price for ADA, no matter what happens remember to sit back and relax, think with your head, not your emotions.
And so we come to the end of my analysis, thanks to everyone that has taken the time of your day to read this! I greatly appreciate it, starting to publish my work and I'm loving the TA aspect of trading. Cheers!
Before we start I want to make some key points that could make it or break it for the upcoming end of week for Cardano.
- Smart contracts release date on September 12, 2021
- Cardano summit September 25 - 26, 2021
- BTC is king, no matter how good an altcoin's fundamentals are, any move from BTC will impact the market as a whole and could be the driving force for future pricing to the upside or downside.
- BTC has not made a clear move to the up side or down side after the correction on September 7, 2021 and could catch a lot of people by surprise given a further capitulation of the price.
As we all know, the long awaited Alonzo system for Cardano has been on everyone's mind as a factor for driving the price up, myself included. I will say, with the BTC correction that happened 2 days ago most people are uncertain, it has definitely shaken out a lot of people which in turn has hurt the amount of investors in the crypto space. This is a little worry some for smart contract release date as the sentiment has changed a lot in recent days from extreme greed to now a neutral/fearful market based on the fear and greed index. Without further due, here's my analysis.
There is a clear ascending triangle formation that has been created overnight, we are at a key point nearing the end of the formation.
Looking at the RSI we can see a clear up trend being formed from the bottom, the only thing that worries me is the fact that we are approaching the overbought area as we are sitting currently at about 61 on the RSI near the end of the triangle formation. We would need a lot of buy pressure in order to continue this upward momentum which would follow into the overbought area, and even then we would meet resistance at the new found level that used to act as support sitting at $2.64. In the event we break the triangle to the downside, my new price prediction for ADA would be going back to $2.42 which in fact is actually the same level as the "golden pocket" on the Fibonacci. Any move to the downside that would break our new level of support would have us more than likely back up somewhere close to the $2.20 level and possibly even a retest of that level as a whole.
The MACD is also looking a bit bearish in the short term as our beloved blue line is looking to cross over the signal line to the down side.
We're at a key point in the price for ADA, no matter what happens remember to sit back and relax, think with your head, not your emotions.
And so we come to the end of my analysis, thanks to everyone that has taken the time of your day to read this! I greatly appreciate it, starting to publish my work and I'm loving the TA aspect of trading. Cheers!
Nota
Price coming close to the end of ascending triangle, possible move coming within the next 2 - 4 hours.Nota
Also worth noting, pattern is starting to look like the start of a formation of an ascending wedge, very bearish.Nota
Hourly candle closed below ascending triangle, RSI and MACD also confirming a move to the downside.
Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.