ADAUSD Shows Some Bullish Energy
Updated
I will try to keep it short right now. So ADA is showing the bullish energy at the moment, but will it make a difference? Well, In order to show a signal, it needs to make a higher high. That means it will need to go above 2.88 which it looks like it is trying to do right now. But will it? well, there is a small basing pattern that has formed. I still believe the energy is running out of ADA and will pullback and meet to 200MA on the 1D eventually. However, a touch on the 200MA would be awhile from now. Anyways, the important things to takeaway from ADA are: there were bearish signals, there was no lower low so we are neutral, watch for a new high over 2.88, then a break from the top trendline, then the bulls are back in business. However, at the moment, I am neutral on ADA until we see a bullish signal. Sorry I had to correct the last chart I posted 5 minutes ago. This is the updated version.
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.
3 minutes ago
Comment: Note as I was writing this, ADA created a new high at 2.86 which appears on my chart. That is the first signal, the second would be a run to 2.98.
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.
3 minutes ago
Comment: Note as I was writing this, ADA created a new high at 2.86 which appears on my chart. That is the first signal, the second would be a run to 2.98.
Note
Please disregard the last comment ^^ it is from my old chart that I corrected. I thought there was a cup and handle pattern but after close inspection, there was no neckline for the cup.Note
We have a new high and a breakout of the top trendlineNote
Though the price has pulled back a bit, it poked a hole in the top trendline hinting it wants to move forward.Note
Spinning top candle formed causing price to pull back
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