ADAUSD Chance for Double Bottom
Updated
Important things to note:
BTC retracting has started.
I do not see BTC going past 46k.
ADA chance for double bottom on 1D
Double Bottom would produce a target of 2.62.
This would smash the resistance level.
Pattern would also create a cup for further targets.
Important dates:
BTC ETF Deadlines Nov. 21, Dec. 8, Dec. 11 and Dec. 24.
The BTC FOMO buying finally subsided and now we get to see the retracement we were looking for. I do not see BTC going past 46K and I would like to see it stay above the 50MA on the 1D chart. ADA's retracement depends on BTC at the moment. Right now we have many options but the one I would like to see the most is the double bottom pattern on the 1D chart. Typically, you will see patterns be created on the lower time intervals and repeated on the higher time intervals. We have already seen a double bottom on the 1h, 4hr, and now I would like to see it on the 1D. This is the same for any pattern really. I want to see this pattern complete for a few reasons. First, it would signal a long term reversal (we already saw that coming however). Next, it would produce a target at a level higher than the resistance we need to get past at the moment. Third, it would create a cup which gives us potential for a cup and handle. I have already seen a cup form on the 4hr so I would not be surprised if we see one on the 1D as well. Anyways, I just noticed it and I wanted you all to be aware. This is what I am looking for. If I do not get it, I hope someone creates a meme out of this called "the pattern you want vs the one you get" LOL. I will continue to keep and eye on ADA and update you all accordingly. Thanks again!
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.
BTC retracting has started.
I do not see BTC going past 46k.
ADA chance for double bottom on 1D
Double Bottom would produce a target of 2.62.
This would smash the resistance level.
Pattern would also create a cup for further targets.
Important dates:
BTC ETF Deadlines Nov. 21, Dec. 8, Dec. 11 and Dec. 24.
The BTC FOMO buying finally subsided and now we get to see the retracement we were looking for. I do not see BTC going past 46K and I would like to see it stay above the 50MA on the 1D chart. ADA's retracement depends on BTC at the moment. Right now we have many options but the one I would like to see the most is the double bottom pattern on the 1D chart. Typically, you will see patterns be created on the lower time intervals and repeated on the higher time intervals. We have already seen a double bottom on the 1h, 4hr, and now I would like to see it on the 1D. This is the same for any pattern really. I want to see this pattern complete for a few reasons. First, it would signal a long term reversal (we already saw that coming however). Next, it would produce a target at a level higher than the resistance we need to get past at the moment. Third, it would create a cup which gives us potential for a cup and handle. I have already seen a cup form on the 4hr so I would not be surprised if we see one on the 1D as well. Anyways, I just noticed it and I wanted you all to be aware. This is what I am looking for. If I do not get it, I hope someone creates a meme out of this called "the pattern you want vs the one you get" LOL. I will continue to keep and eye on ADA and update you all accordingly. Thanks again!
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
If you are having trouble finding support and resistance levels, make sure you draw out all diagonal support and resistance levels as well.Note
Otherwise known as trendlines if anyone is confused.Note
BTC testing 50k now.Note
If it doesn't pass, I can see a movement to 44k support.Note
I want to see ADA a little lower.Note
If BTC does not make it to 50 right now, expect. 2.03, 1.91, or 1.8 accompanied by a bounce from there. (It will not go past the downward sloping trendline on my last chart).Note
I was thinking about putting out another chart, but my targets are the same, so that would be pointless. You have all the information you need at the moment. When you get nervous and your emotions get the best of you, remember we are in a bull trend until proven otherwise. So, relax a bit and take this as an opportunity to DCA if you can.
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