ADAUSD Descending Channel Divergence
Updated
Important things to note:
BTC is showing bullish momentum.
Everyone expected 40k or at least 52k, which made me a bit skeptical.
Alts still looked great and a number of them moved on the BTC push upwards.
ADA is in a descending channel.
ADA was pushed up a bit from bullish divergence.
There was a lot of consolidation going.
We have a double bottom at the moment.
If BTC remains bullish, I expect ADA to move with it.
Price should head back up to the 200MA first.
Important dates to note:
BTC ETF Deadlines Nov. 21, Dec. 8, Dec. 11 and Dec. 24.
So BTC faked a lot of people out. I thought this might happen which is why I did not take profit yet. The FUD seemed a bit unreasonable. Everyone was expecting 40k or 52k and we all know what happens when the market expects something to happen. We now have a nice double bottom from it and I believe ADA will follow BTC if the momentum continues. I said in the last post on chain data looks good and does not look like a mass sell off, in fact there are a few large orders of BTC that have been bought as early as yesterday. Alts looked very good despite this which also made me a bit skeptical and a few of them have started to move already in continuation. ADA has a very steep descending channel and I expect it to break out soon. It will likely first head back to the 200MA for a test. If BTC stays bullish which I think it will, ADA should move with it. The first sign will be the channel breakout so mark those alerts on your trendlines. We will see how it reacts to the 200MA and go from there. I will continue to keep an eye on ADA and keep you updated. Thanks again everyone!
Tell me what you think?
This is not financial advice. DYODD.
BTC is showing bullish momentum.
Everyone expected 40k or at least 52k, which made me a bit skeptical.
Alts still looked great and a number of them moved on the BTC push upwards.
ADA is in a descending channel.
ADA was pushed up a bit from bullish divergence.
There was a lot of consolidation going.
We have a double bottom at the moment.
If BTC remains bullish, I expect ADA to move with it.
Price should head back up to the 200MA first.
Important dates to note:
BTC ETF Deadlines Nov. 21, Dec. 8, Dec. 11 and Dec. 24.
So BTC faked a lot of people out. I thought this might happen which is why I did not take profit yet. The FUD seemed a bit unreasonable. Everyone was expecting 40k or 52k and we all know what happens when the market expects something to happen. We now have a nice double bottom from it and I believe ADA will follow BTC if the momentum continues. I said in the last post on chain data looks good and does not look like a mass sell off, in fact there are a few large orders of BTC that have been bought as early as yesterday. Alts looked very good despite this which also made me a bit skeptical and a few of them have started to move already in continuation. ADA has a very steep descending channel and I expect it to break out soon. It will likely first head back to the 200MA for a test. If BTC stays bullish which I think it will, ADA should move with it. The first sign will be the channel breakout so mark those alerts on your trendlines. We will see how it reacts to the 200MA and go from there. I will continue to keep an eye on ADA and keep you updated. Thanks again everyone!
Tell me what you think?
This is not financial advice. DYODD.
Note
eToro to delist Cardano by 2022 for US users due to regulatory concernsWell that's not good.
Note
TRX too apparentlyNote
People are asking me questions about this so I thought I would clarify why it is not good. It is only bad if you are holding ADA on etoro. Otherwise, the amount of ADA liquidity traded on etoro is a drop in the bucket compared to the total market cap of ADA in general. Specifically etoro makes up for .44% of total ADA volume. So, not much of an impact at all. However if you are holding ADA with etoro there is no ADA wallet with etoro. So you cannot send your assets to another wallet to hold if you are underwater, if you just want to hold it forever, or if you want to sell at market top. There will be a limited amount of selling of ADA allowed in Q1 2022 which isn't very specific. Basically you are stuck, obviously you can sell and by back right away but that's not a good answer. They also said they are working on a wallet for ADA and TRX so you can move your assets. I just do not like the way they have handled this at all. I am not an etoro customer so this does not impact me personally.Note
So I have been seeing people mention ADA PA around 1.5 very recently and that it is totally possible. In fact last week I said in a comment on my last ADA post that ADA can test the previous breakout at 1.56 I think I said before moving up. However, it is also possible BTC starts moving before that and ADA breaks out of the descending patterns. Keep that in mind moving forward.Note
Don't get too excited yet, CME gap today at 54k for BTC. Gap will have to fill. After that point, I believe we are in the clear.Note
I know I have not put out a chart recently or updated anything much. I was dealing with a family emergency very recently. I have not spoken about it and I doubt I will after this other than to tell you I will update you all later. Everything I have said before stands. Hang in there and I will try to do the same. Thanks.
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