Important things to note:
BTC printed 8K candle on Binance (pretty shady).
Liquidity event starts chain reaction.
BTC has pulled back and is creating bear pennant target 58k unless pattern breaks.
ADA has long wick due to liquidity event.
ADA creates bear pennant.
Ironically I did an update on stop hunting right before we see a giant example of it.
The plan for ADA does not changed.
As I said before, blood is in the water.
Smart money is rotating.
I smell FUD.
Important dates:
BTC ETF Deadlines Nov. 21, Dec. 8, Dec. 11 and Dec. 24.
So hedge funds and large investors are playing around a bit. It is pretty ironic considering I was just talking about it 7 hours before it happened. Binance printed a 8K candle which threw everything in to disarray. Liquidity event created a chain reaction pushing prices down and creating candles with giant wicks. Because of this, BTC has created a bear pennant, with a target of 58K unless the pattern breaks. ADA was hurt more than other smart contract alts due to the fact it is backed mostly by retail. If you know anything about retail investors, they are easily spooked. This provided a wonderful buying opportunity for the smart money. This is all to create FUD, hunt stop losses, and create a buying opportunity. I assume for a lot of you, their plan worked and you are worried. For me, the plan has not changed at all. Either ADA will continue to consolidate by breaking the bear pennant at some point and moving upward, or the pullback continues and will be followed by a bounce. I have put the support level on the chart incase you are wondering where the price will go if the bear pennant doesn't break. The rest of Oct is really the last chance for a good rotation so I am using these bloody days to acquire more alts at a decent price. Then I will sit back a bit and relax for once.
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.