ADAUSD Is Looking Great Right Now
Updated
Important things to note:
I am bullish on the crypto market coming into next week.
I would like to see 1 more pullback from BTC causing the strong impulse upward.
I have said before the correction only has a few movements left and I see 1 more movement at most.
ADA is looking fantastic and I can see 1 of two scenarios happening:
1 - a pullback to the minor trendline and a push past the 50MA.
2 - a pullback to 1.91 and the impulse past the 50MA.
I do not see any overly bearish scenarios happening right now.
ADA has retraced almost the maximum amount allotted for a bullish trend.
I think the correction will likely have ended by next week but lets see.
Important Dates to Take Note of:
ADA Summit Sep 25-26 2021 (likely to produce more important dates)
So to start off, I believe the crypto market will be back to bullish starting next week. This is due to the fact that I have said for a week now I do not see many more major movements coming. At max, I see 1 followed by the impulse. If we look at ADA we can see that we finally got our test of the 50MA which is a bullish signal. I have extended to 50MA with the same slope so you can see it before it updates at the market close. I believe the price will retrace either to the trendline and push past the 50MA or have a pullback to 1.9 then push back up across the 50MA. We have 3 smaller higher highs which means the price should retrace strongly but that is good for the bulls. This doesn't even include all of the news that will come out tomorrow and Sunday from the summit that will likely be priced into ADA. I am not going to include any of that in my TA because it is an unknown, but personally, I believe it is bullish. Again, I am not worried about China banning crypto for the 100000th time. Honestly, how more illegal can crypto be in China by now LOL? Every time they do something like this it produces a higher upside so I am fine with it. Overall, the RSI looks like it has plenty of wiggle room and I think the bulls will be happy next week. I will continue to keep an eye on ADA and update you all accordingly. Thanks a lot 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.
I am bullish on the crypto market coming into next week.
I would like to see 1 more pullback from BTC causing the strong impulse upward.
I have said before the correction only has a few movements left and I see 1 more movement at most.
ADA is looking fantastic and I can see 1 of two scenarios happening:
1 - a pullback to the minor trendline and a push past the 50MA.
2 - a pullback to 1.91 and the impulse past the 50MA.
I do not see any overly bearish scenarios happening right now.
ADA has retraced almost the maximum amount allotted for a bullish trend.
I think the correction will likely have ended by next week but lets see.
Important Dates to Take Note of:
ADA Summit Sep 25-26 2021 (likely to produce more important dates)
So to start off, I believe the crypto market will be back to bullish starting next week. This is due to the fact that I have said for a week now I do not see many more major movements coming. At max, I see 1 followed by the impulse. If we look at ADA we can see that we finally got our test of the 50MA which is a bullish signal. I have extended to 50MA with the same slope so you can see it before it updates at the market close. I believe the price will retrace either to the trendline and push past the 50MA or have a pullback to 1.9 then push back up across the 50MA. We have 3 smaller higher highs which means the price should retrace strongly but that is good for the bulls. This doesn't even include all of the news that will come out tomorrow and Sunday from the summit that will likely be priced into ADA. I am not going to include any of that in my TA because it is an unknown, but personally, I believe it is bullish. Again, I am not worried about China banning crypto for the 100000th time. Honestly, how more illegal can crypto be in China by now LOL? Every time they do something like this it produces a higher upside so I am fine with it. Overall, the RSI looks like it has plenty of wiggle room and I think the bulls will be happy next week. I will continue to keep an eye on ADA and update you all accordingly. Thanks a lot 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.
Note
Keep in mind if we get a pullback past the trendline to the 1.91 level, we will have a double bottom which also supports the push up past the 50MA. Either way things are looking great and I think everyone will be happy next week. Cheers!Note
If that isn't assuring enough, take a look at the MACD on the 1D.Note
Oh I forgot to mention there is another option, which would be the price finishing its retracement right now at 2.29, but that would mean less upward momentum at the initial push and I would consider that the worst of the options.Note
Well so much for a nice pullback. The price is getting denied at lower levels (long wicks) and unless something changes, it will produce a dragonfly doji or a hammer signaling a price reversal to the upside. This might cause the price to get denied at the 50MA and sent back down. I don't really care too much about this, I just want all of you to understand the price movements I am seeing.Note
So for a quick update, we have had a test of the 50MA that was denied, I expect the price to pullback like I said before it mounts it attempts to push itself above the 50MA for good. By the way, the Summit was great so far. Some notable things:ADA has teamed with the esports team Rival to produce their NFTs
ADA has teams with DISH/Boostmobile to decentralize their infrastructure.
Project One lightwallet demo
I will update more as I go.
Note
Hey everyone I just got back. I didn't put out a chart tonight because this one is still relevant. Remember if the minor trendline breaks, expect 1.9, from there we should see the impulse upward. This is actually the best case scenario so I am glad it worked out this way! Cheers everyone! I am very bullish on the market next week!Note
we already had our 50MA test, so I am sure it will be headed that way again soon!Note
In case you don't know what I mean by bullish next week. BTC is making its 3rd way down, essentially ending its correction and creating 3 lower lows. This is called the 3 drives pattern in technical analysis. Though it is not mentioned often on tradingview charts, you will have heard me refer to it before. It signals a trend reversal, and we will have 3 very strong lower lows meaning the reversal will be very significant.
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