ADAUSD Time For A Small Pullback
Updated
Important Things To Note:
Price has had a significant price increase due to the BTC squeeze.
We are in a bull trend now if it isn't obvious by now or you haven't been following me.
Before price moves ahead it will retrace with a few options.
Minor price target of 2.37.
Major price target of 2.51.
Resistance 1 at 2.30.
Resistance 2 at 2.45.
Retracement for handle range 2.20-2.16.
Retracement for normal pullback 2.09.
Retracement for slightly higher low bounce 2.98.
Retracement for overcorrection 1.91.
Price will retrace before moving towards price target.
If handle is formed major target is in play. (Calculated by depth of cup added to top of cup)
So now that we have had a bull rally due to the BTC squeeze, we are due for some retracement. If you don't know what I mean, you probably heard me mention that contracts expire earlier today, and if BTC pushes, it will force the shorts to cover their positions. This is what made the price increase so fast. Before ADA can reach the minor target or the major target it will need to retrace. We have a few options for retracement. First, we can retrace to form a handle between the range of 2.20 and 2.16 for the bottom of the handle, in which case our major target of 2.51 will be in play. The next option will be a normal retracement down to 2.09 in which case our minor target will be in play after retracement occurs. Next, we have a slightly higher low retracement followed by a bounce at the 2.98 level. Lastly, we have the overcorrection retracement which will occur at 1.91 and accompanied by an even greater bounce. These are the options I see ahead. Ideally, I would like to see the handle form, but if any of the other options come into play, that is fine as well. Remember we are in a bullish trend until proven otherwise so don't panic during the retracement. This is completely normal. This will likely occur the majority of the weekend, however I see another bullish weekend ahead. I will continue to watch ADA and update you all accordingly. Thanks again for all the support!
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.
Price has had a significant price increase due to the BTC squeeze.
We are in a bull trend now if it isn't obvious by now or you haven't been following me.
Before price moves ahead it will retrace with a few options.
Minor price target of 2.37.
Major price target of 2.51.
Resistance 1 at 2.30.
Resistance 2 at 2.45.
Retracement for handle range 2.20-2.16.
Retracement for normal pullback 2.09.
Retracement for slightly higher low bounce 2.98.
Retracement for overcorrection 1.91.
Price will retrace before moving towards price target.
If handle is formed major target is in play. (Calculated by depth of cup added to top of cup)
So now that we have had a bull rally due to the BTC squeeze, we are due for some retracement. If you don't know what I mean, you probably heard me mention that contracts expire earlier today, and if BTC pushes, it will force the shorts to cover their positions. This is what made the price increase so fast. Before ADA can reach the minor target or the major target it will need to retrace. We have a few options for retracement. First, we can retrace to form a handle between the range of 2.20 and 2.16 for the bottom of the handle, in which case our major target of 2.51 will be in play. The next option will be a normal retracement down to 2.09 in which case our minor target will be in play after retracement occurs. Next, we have a slightly higher low retracement followed by a bounce at the 2.98 level. Lastly, we have the overcorrection retracement which will occur at 1.91 and accompanied by an even greater bounce. These are the options I see ahead. Ideally, I would like to see the handle form, but if any of the other options come into play, that is fine as well. Remember we are in a bullish trend until proven otherwise so don't panic during the retracement. This is completely normal. This will likely occur the majority of the weekend, however I see another bullish weekend ahead. I will continue to watch ADA and update you all accordingly. Thanks again for all the support!
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
BTC ETF deadlines moved. New dates are Nov. 21, Dec. 8, Dec. 11 and Dec. 24. Mark it on your calendar!Note
So we got our cup and handle!! The bottom of the handle just barely went into our range for the handle so we are good! However, the RSI is maxed out right now, so this is as far as it can go at the moment. BTC still hasn't retraced, and to be honest, I don't think it will. It will just consolidate.Note
I do not see BTC dipping below the 50MA at this point.Note
I will put out another chart when there is something to talk about!Note
So recently, I have noticed more haters pop up (probably salty bears LOL). Maybe this is something that is expected with growth. You will notice something similar with these people. They will have very few charts (if any), and no proven targets of their own. They are not winners, which is why they resort to commenting on other charters posts trying to bring them down. If they were putting out something useful to the community, they wouldn't have the time to resort to spewing vitriol on other people's posts. They would be too busy winning. So, if you ever read what these sad people say, take a look at what they have provided to the community. My charts speak for themselves, however, you already know that by now. I am not used to being a public person, and I am not used to teaching so this is all new to me. What I have learned is there are some amazing people out there who are willing to learn and want to increase the overall value of the community, and some really sad ones that do the exact opposite. Don't be like them. Keep learning, keep charting, keep an open mind, and be a winner.Note
Ok everyone, I am going to be out and about today. If there is something to talk about when I get back, I will put out a post! All of my targets are in place. Cheers!Note
Oh one more thing before I go, I will have my phone on me so if you have questions, let me know and I will get to it when I can! Thanks again!Note
I'm back everyone! So, BTC is still consolidating. I could see a couple more small downward movements before culminating with the upward movement. I don't see anything major happening until Monday trading starts. My targets for ADA remain the same at the moment. We have what we need to hit our target, we are just waiting in consolidation. I took a good look at the charts and that is about all I see right now. I am heading to bed early today! Goodnight everyone!Note
If you are worried at all of the state of ADA in the near future, take a look at the total market cap of altcoins (minus ETH), tell me what you see. Ok seriously now, goodnight LOL.Note
So I was starring at the cup and handle after I got back from hanging out with friends and I might have been wrong about it forming a handle. it is not very wide but it has the proper height. I really wanted my cup and handle, so If we get a retracement instead, I will be a little bummed. LOL I like cup and handles, they are one of my favorite patterns. So we have yet to get the recement we want to see (ideally another higher low for the next smaller leg to break the next resistance.) BTC keeps pushing out bullish momentum whenever it can really. Once we get a good retracement, BTC is going to explode in my opinion.Note
Also, I am seeing a lot of my followers pointing out great things and demonstrating an understanding of TA. what this means is that you are learning and that is exactly what I want! I try to make these posts so you have an understanding of the movements of the assets, but my time is extremely limited (especially on the weekends). I might make some small mistakes because I am trying to give you guys an update quickly before I am gone for the day (I don't want you guys to see a red candle and freak out) LOL. However, a lot of you are picking up the slack for me and I appreciate it. Even answering questions that I cannot get to in time! I appreciate all of this. Remember, I am trying to build a community of people that understand TA at a high level and can bounce ideas back and forth between each other which will help everyone out including myself. I cannot be everywhere and see everything so the idea of the community is going to be very impactful. This may be a long time from now, but it is looking really good in a rather short amount of time. I have high hopes that we will be able to have a rock solid group of traders in the future, and as your understanding improves, I will roll out more advanced ideas and trades. Thanks again everyone for all the support and the dedication to TA and investing!
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