🎶 Shake shake shake, shake shake shake. Shake your booty, shake your booty 🎶. Right thats enough of that. What a shake out last night. Whoever said Cryptos were dull. Hopefully you all managed to buy the dip. The ADA Price dropped all the way to $0.68 and pretty much bounced straight back up of its Daily Chart Pitchfork Median Line and nearly hit its 20EMA. As I’ve stated before, its not where the candle Wicks to that counts, it’s where the candle closes that’s important. If we look at the daily chart for ADA, we can see that we have what looks like a Bullish Hammer Candle pattern forming, If ADA does not go higher or lower this evening, then tomorrow could be very interesting because a Hammer Candle pattern is Bullish, but we will have to wait for this daily candle to close & for tomorrow’s pattern to be green to get a better idea of the potential direction. The ADX DI SMA is indicating we are still in an uptrend for this timeframe with the ADX (Yellow Line) at 58.8 above its 10 Period SMA (White Line) which is at 41.6. The +DI (Green Line) is at 28.9 above its -DI (Red Line) which is at 16.9. Keep an eye o the +DI & -DI lines because ideally we don’t want the -DI to cross back over the +DI because that would indicate a downtrend for this timeframe. The RSI is now in the lower end of its overbought range with a slight slop upwards at 76.9. The Lagging Span (Chikou Span) is also indicating sideways momentum with a slight slop upwards. The Bollinger Bands Lower Band is still heading upwards indicating volatility is slowing so it looks like we will see something like the rise and consolidation we had in 7th Jan. The Upper Band is also looking like its starting to curve over and turn inwards. Could ADA drop again……… yep, but now we know that our Pitchfork Median Line and potentially the 20EMA are the key support levels to keep an eye on if ADA does dip again. All in all, after that shake out, it looks like we’ll consolidate a bit more which is a good thing because if ADA consolidates around $0.7 - $0.9 for a few more days or even the next 2 weeks, then ADA could potentially hit +$5 on the next run up.
As I’ve stated before, its not where the candle Wicks to that counts, it’s where the candle closes that’s important. So if your longterm, then you should not be shaken out by any dips, but instead you should be using the dips to accumulate more ADA before it gets over & closes above that crucial $1 mark! I mean, just imagine, lets say that Billy has accumulated 50,000 ADA under $1, when ADA gets to $1 that 50,000 ADA will be worth $50,000, when that 50,000 ADA gets to $2, that’s $100,000, when that 50,000 ADA gets to $3, that’s $150,000, when that 50,000 ADA gets to $4, that’s $200,000!!! So why the f*ck should Billy put a spare $250 on Bitcoin at $48,000! PLEASE STOP CORRUPTING POOR BILLY WITH YOUR “BTC WILL MAKE YOU RICH” NONSENSE! Poor Billy has got enough to worry about with his gout and wonky leg, so leave him alone and let him invest in ADA so he can get his wonky leg and gout fixed, cause he ain’t gonna get it fixed by investing $250 in BTC at $48,000. I hope you have found this is helpful & humorous, good luck 🙏
As I’ve stated before, its not where the candle Wicks to that counts, it’s where the candle closes that’s important. So if your longterm, then you should not be shaken out by any dips, but instead you should be using the dips to accumulate more ADA before it gets over & closes above that crucial $1 mark! I mean, just imagine, lets say that Billy has accumulated 50,000 ADA under $1, when ADA gets to $1 that 50,000 ADA will be worth $50,000, when that 50,000 ADA gets to $2, that’s $100,000, when that 50,000 ADA gets to $3, that’s $150,000, when that 50,000 ADA gets to $4, that’s $200,000!!! So why the f*ck should Billy put a spare $250 on Bitcoin at $48,000! PLEASE STOP CORRUPTING POOR BILLY WITH YOUR “BTC WILL MAKE YOU RICH” NONSENSE! Poor Billy has got enough to worry about with his gout and wonky leg, so leave him alone and let him invest in ADA so he can get his wonky leg and gout fixed, cause he ain’t gonna get it fixed by investing $250 in BTC at $48,000. I hope you have found this is helpful & humorous, good luck 🙏
Note
Whats interesting to note is that the Binance and Kraken charts line up slightly differently and show slightly different opening and closing prices which can effect your pattern indicators, case in point, the Pitchfork Pattern on the Binance chart is showing that the Price almost dropped down to the Ichimoku Cloud Conversion Line (Tenkan Sen) instead of its Pitchfork Median Line because the Pitchfork B Pivot in the Binance chart, has a higher peak then the Kraken chart, but no worries as the Price is still over its Pitchfork Median Line. Just thought i'd post this as i thought it was interesting 👍
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.