ADAUSD BTC FOMO Lags Retracement
Updated
Important things to note:
BTC FOMO is making it hard for the asset (and all others) to retrace at the moment.
This tells me we will have a strong retracement coming soon.
Bullish momentum will pop again this coming week.
I mistakenly said the handle was formed when I was out and about, however when I came back and had a longer look, it did not form.
The handle does not have the structure it needs to be considered, so I was wrong on that.
I really wanted my cup and handle LOL.
This means that option is out the window.
You will see the likely retracement options on the chart.
This next leg will bring the price above the next resistance in the coming days.
It will likely touch the price target and start a consolidation period.
Important dates:
BTC ETF Deadlines Nov. 21, Dec. 8, Dec. 11 and Dec. 24
So, BTC is not being allowed to retrace due to the FOMO from people who were mistakenly bearish and calling for 38-37K. They now realize this isn't an option and are buying to get in before the next leg. This is causing the price to be stuck in an ugly consolidation period. It will likely cause a more impactful retracement. The plan for ADA is the same. Since we did not get our handle don't be quick to throw the target out of the window. The target was also backed up by the length of the flagpole. :) You should know by now, I don't just use one signal or pattern to make my targets. Before this occurs, the price will retrace to one of the levels noted on the chart, and then move up to break the next level of resistance. However, it should be noted that if we get 3 higher lows, you should expect a pullback in the form of consolidation. If we get a equal low or an overcorrection, the price will be free to move up and up without having to make the short term pullback into consolidation. I have explained this before but if you still don't understand the concept, look up the 3 drives pattern. Anyways things look great! I have put out a chart on the TOTAL3 altcoin market cap incase you are unsure and want to see where the market is heading. I will continue to watch ADA and update you all accordingly! Thanks again everyone!
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 FOMO is making it hard for the asset (and all others) to retrace at the moment.
This tells me we will have a strong retracement coming soon.
Bullish momentum will pop again this coming week.
I mistakenly said the handle was formed when I was out and about, however when I came back and had a longer look, it did not form.
The handle does not have the structure it needs to be considered, so I was wrong on that.
I really wanted my cup and handle LOL.
This means that option is out the window.
You will see the likely retracement options on the chart.
This next leg will bring the price above the next resistance in the coming days.
It will likely touch the price target and start a consolidation period.
Important dates:
BTC ETF Deadlines Nov. 21, Dec. 8, Dec. 11 and Dec. 24
So, BTC is not being allowed to retrace due to the FOMO from people who were mistakenly bearish and calling for 38-37K. They now realize this isn't an option and are buying to get in before the next leg. This is causing the price to be stuck in an ugly consolidation period. It will likely cause a more impactful retracement. The plan for ADA is the same. Since we did not get our handle don't be quick to throw the target out of the window. The target was also backed up by the length of the flagpole. :) You should know by now, I don't just use one signal or pattern to make my targets. Before this occurs, the price will retrace to one of the levels noted on the chart, and then move up to break the next level of resistance. However, it should be noted that if we get 3 higher lows, you should expect a pullback in the form of consolidation. If we get a equal low or an overcorrection, the price will be free to move up and up without having to make the short term pullback into consolidation. I have explained this before but if you still don't understand the concept, look up the 3 drives pattern. Anyways things look great! I have put out a chart on the TOTAL3 altcoin market cap incase you are unsure and want to see where the market is heading. I will continue to watch ADA and update you all accordingly! Thanks again everyone!
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
Update: There is another support that I missed at 2.18. You should consider this another option for retracement. Shoutout to @Hungaiancheater for having me take another look! I appreciate it!
Note
If you take a look at the red down sloping line, that is the trendline and the range for an overcorrection, incase you were wondering how far ADA can go on a worst case scenario. That is why I created the trendline there. You should only expect that level coming into play if the 1.91. level breaks. Right now though, do not expect it. Just take a look at the levels in play.Note
I should also mention that an overcorrection to this level will create a bounce so big it will make your eyes pop out of your head LOL.Note
So we have descending wedge forming at the top of ADA, a break to the downside will start the slide. I can see the price slipping to 2.15 and settling at 2.18 for an easy retracement. Personally I hope this will be a big larger of a retracement so we can get a stronger bounce and we don't have 3 higher highs, but we will see what happens.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!Note
I spoke previously about LUNA and the upgrade happening on the 29th of Sep about 2 weeks ago. Welp... LUNA just hit an ATH :)Note
The pattern I am looking for currently: Double bottom on 1D chart with target 2.62.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
Correction: it will not go past the downward sloping line on THIS chart lolNote
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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