ADAUSD Showing Bullish Divergence
Updated
Important things to note:
BTC broke out, showing bullish continuation.
Extremely Strong BTC buy signal found 2 days ago.
ADA will make a run for resistance soon.
It will test 200MA on 1H first.
Strong bullish divergence from RSI .
I believe the correction is ending.
Altcoins will lag behind a bit but will still move with market, just a bit slower at first, speeding up the further we get down the road.
Set alert for main trendline, a break from here would result in a drop to 2.2.
I passed!!
Important Dates to Take Note of:
ADA Summit Sep 25-26 2021 (likely to produce more important dates)
So when I came back from my test I decided to take a well deserved nap. Turned out I slept for around 3 hours which is kind of crazy if you know me. Only to be woken up by an earthquake lol. I live on the top floor (5th) so I popped right out of bed. LOL I thought it was pretty funny. Anyways, BTC is showing strong bullish energy, in fact, I would say the pullback is coming to an end. All I see if flagging and continuation. Not to mention, I got an extremely strong buy signal a couple of days ago that rarely shows up. I looked into some on chain metrics along with other data and have concluded that this next BTC run will likely be bigger than the 100k target people originally thought. Now, if we take a look at the chart, I see a head and shoulders pattern, but I do not see a clear neckline (maybe I am missing it). However, what I do see is bullish divergence on the RSI . I believe this will likely be the run of resistance we are looking for. ADA will first test the 200MA on the 1hr. If things take a turn for the worst, set an alarm for the main trendline, a break from here would signal a drop to 2.0. Right now, I do not see that being a likely scenario. Things look overall bullish in the short term. ADA just looks like it is consolidation like I said in my last post. Overall, I believe altcoins will lag behind a bit from the BTC push. This is normal. However, they will pick up speed as the trend continues and far surpass BTC . I have only had a small amount of time to look at things, but I will be updating and putting out more posts now. Thanks again everyone for your patience while I study. I should also mention I am going to be on vacation until Wednesday, but I will bring my laptop with me and continue to post. I will keep my eye on ADA and update you all accordingly. Thanks again everyone!!
Also, it is worth mentioning that TradingView has reached out to me and offered me very kind words, and showed me some support. I thought that was very nice of them and it was very unexpected. Though, I never planned for any of this to happen at all. I was constantly making charts for myself and my friends and some of them suggested I post them publicly. I never imagined any of this would happen, if I did, I would have waited until I had a bit more free time LOL. However, it makes me really happy to know that people are learning from my charts and hopefully it will encourage you all to learn technical analysis for yourselves! In a couple weeks I will have more time to make the educational content you have been asking for, and I will likely chart a wide spectrum of assets. Thank you again for all of the support, it means more to me than you know!
Now for some good news. As a person who follows ADA closely, I know that the adoption of the platform will happen very quickly with the release of smart contracts on the 12th of September. In fact, I think it was built with such a great foundation, I might just do an entire post on the fundamentals of Cardano sometime in the future. Pretty soon, we will see NFTs being created, DeFi, applications being developed, and overall strong adoption of the ADA blockchain platform as a whole. If there will be any immediate reason for ADA to move higher, it will likely be news coming from the summit on the 25-26 of September. So I would keep an eye on their twitter accounts around that time.
Again, I apologize for having less time to post at the moment, but that will change in a couple weeks.
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
Sorry I had to repost and check the chart to make sure there was no bearish hidden divergence. All is well, I just like to be careful.Note
In case everyone didn't know, bullish divergence usually signals a trend reversal and a breakout. This is exactly what we are seeing right now.Note
Like I wrote in the chart, you will have to look at the MA for a test, which I think is coming. ADA will have to pass the MA and stay above it, that will be the catalyst for the move on resistance.
Related publications
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.