Important things to note:
ALTS are trading sideways mostly as I said would happen.
ADA price should pullback a bit short term and bounce.
ADA also in descending wedge (longer term).
Waiting on BTC.D to drop.
When BTC.D falls, alt pairs will start moving upwards.
Most alts are consolidating strongly.
Very slow PA right now.
Important dates:
BTC ETF Deadlines Nov. 21, Dec. 8, Dec. 11 and Dec. 24.
So I haven't updated in a few days because there wasn't much to update. BTC is consolidating currently for the next move which will likely create a new ATH. I expect a pullback around 73k but we will see. It is after this that I expect alts to start moving again. I have been keeping an eye on BTC.D and I feel like it is very close to hitting its top. I can obviously be wrong since we don't know what will happen when BTC hits numbers never imagined previously. Most alts including ADA have done exactly what I said would happen which would be to consolidate in a lot of sideways PA. Remember we expect to see mostly consolidation, slow grinding upward gains, and a pullback or two until alts start to really move. That is exactly what you are seeing right now. ADA is in an ascending channel so expect a small pullback, the size of the bounce will tell you where the price is likely to head next. Looking longer term, ADA is in a descending wedge, so you can expect that the price will bounce and break out of the pattern at some point. Also notice the 200MA is rising. I do not see the price falling below this point at the moment. However, it can bounce off of it and everyday, the 200MA gets closer to the price. As always, I will continue to update everyone on the price movements. However, do not expect much of anything until BTC.D starts falling. This is a great opportunity to DCA if you haven't and not just with ADA. There are plenty of opportunities out there and I have spent this consolidation period swing trading the sideways PA and rotating into promising looking alts. Thanks again everyone!
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.