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Ascending triangle formed, new support and resistanceGood morning to all my fellow ADA traders, we're in for a ride today given the current formation that developed over night. We will be looking at the 1H time frame today. Before we start I want to make some key points that could make it or break it for the upcoming end of week for Cardano. - Smart contracts release date on September 12, 2021 - Cardano summit September 25 - 26, 2021 - BTC is king, no matter how good an altcoin's fundamentals are, any move from BTC will impact the market as a whole and could be the driving force for future pricing to the upside or downside. - BTC has not made a clear move to the up side or down side after the correction on September 7, 2021 and could catch a lot of people by surprise given a further capitulation of the price. As we all know, the long awaited Alonzo system for Cardano has been on everyone's mind as a factor for driving the price up, myself included. I will say, with the BTC correction that happened 2 days ago most people are uncertain, it has definitely shaken out a lot of people which in turn has hurt the amount of investors in the crypto space. This is a little worry some for smart contract release date as the sentiment has changed a lot in recent days from extreme greed to now a neutral/fearful market based on the fear and greed index. Without further due, here's my analysis. There is a clear ascending triangle formation that has been created overnight, we are at a key point nearing the end of the formation. Looking at the RSI we can see a clear up trend being formed from the bottom, the only thing that worries me is the fact that we are approaching the overbought area as we are sitting currently at about 61 on the RSI near the end of the triangle formation. We would need a lot of buy pressure in order to continue this upward momentum which would follow into the overbought area, and even then we would meet resistance at the new found level that used to act as support sitting at $2.64. In the event we break the triangle to the downside, my new price prediction for ADA would be going back to $2.42 which in fact is actually the same level as the "golden pocket" on the Fibonacci. Any move to the downside that would break our new level of support would have us more than likely back up somewhere close to the $2.20 level and possibly even a retest of that level as a whole. The MACD is also looking a bit bearish in the short term as our beloved blue line is looking to cross over the signal line to the down side. We're at a key point in the price for ADA, no matter what happens remember to sit back and relax, think with your head, not your emotions. And so we come to the end of my analysis, thanks to everyone that has taken the time of your day to read this! I greatly appreciate it, starting to publish my work and I'm loving the TA aspect of trading. Cheers!
COINBASE:ADAUSD
by BinkyBucks
2
Short 🔴 Sure Short, Vampire Cat WedgeShort 🔴 Sure Short, Vampire Cat Wedge The left-wing (bearish wedge, red trendlines) of the vampire cat broke down. We're seeing a retest now. If the price is rejected, it'll crash in the right wing of the vampire cat. Will it be rejected? Daily trade BTC volume is dead. Shorts on altcoins are piling up. Long-term investors go to El Salvador to dump their BTCs. We think about a short position. Trade only confirmed patterns. Trail your profit carefully.
Short
by Elysian_Mind
10
A DOOM OR A BOOM? BTC is at a high risk of forming a falling wedge pattern if it fails to hold the 100 MA support. For the past few days, BTC has been following the rising wedge pattern, and as we all know that after every rising wedge pattern comes the falling wedge pattern. If BTC successfully bounces back from this level then we can confirm that this ain't the end of the rising wedge. We may see the BTC price going higher but if it breaks below the 100 MA and the next upcoming candles are closing in red then it will surely be the end of the rising wedge pattern. The market sentiment is showing a bearish move and we could call it a correction after a rise in the market. We still have 50 mins for the candle to close in 4 hours TF and to stay bullish, it'll be important to close above the 100 MA. On the other hand, if you are willing to short BTC then I would suggest waiting for the candle to close. What's your point of view? What do you think about the current market? Will it fall or will it bounce back? Let me know in the comments.
BITSTAMP:BTCUSDShort
by Dexter_The_Trader
GOLD - Severe Technical Damages on Daily ChartAfter touching 1680 in Asia morning session, gold has had rebounced to 1750. This 1750-1760 area used to be support, now turnes resistance which proves to be a pivot area. A breakdown under 2018-2019 uptrend line is in progress. The daily chart shows severe technical damages with combination of death cross, trendline breakdown, and negative MACD. Unless gold is able to recover above this pivot area or the uptrend line, gold might again head to 1660-1680 support area.
FX_IDC:XAUUSDShort
by GOLDTREND-NET
💙 Proof: How I earned +788% within 6 hours 💙 Proof: How I earned +788% within 6 hours BTC/USD market (+100% success rate, +340% profit): - Short :boom: Bearish Wedge: - Long :green_circle: Bullish Wedge: - Short/Long :black_large_square: Combined Wedge: - Short (HFT) :boom: Bearish Flag: - Long :green_circle: Bullish Wedge: ETH/USD market (+100% success rate, +448% profit): - Short :boom: Bearish Wedge: - Short :boom: Bearish Flag: That's yesterday, and now, we can see a bearish pennant on the 4-hour chart. We bet on short once again.
BITFINEX:BTCUSDShort
by Elysian_Mind