ADAUSD Key Levels ExplainedImportant things to note:
BTC is retracing at the moment. It does not look bearish at the moment. Likely to try the 50k level as I had said before. If bearish impulse price will fall to 42k.
Low at 2.31
Price moved to 2.44 and started retracing.
2.5 is the level ADA will need to hold to push higher.
I have noted the resistance levels ADA will need to test to push higher.
I have shown my minor target and major target on the chart.
If price breaks trendline it will head to 2.0
Bears have been profit booking every single rally.
Price is at key retracement level at the moment.
All of my levels are backed up by trend analysis and patterns.
Important Dates to Take Note of:
ADA Summit Sep 25-26 2021 (likely to produce more important dates)
BTC looks like it is retracing to test the 50k level right now and has held the 48k level that I had mentioned before. If there is a bearish impulse, you should expect 42k. So since I had some time sit down and analyze the market a bit more, I have decided to put out an accurate mapping of the price movements. The bullish divergence signaled a reversal which we are seeing right now with the small breakout to the upside on the 1H chart. The price is at a key retracement level for the new trend at the moment. Previously, bears had taken hold of ADA by profit booking every single push. The bullish divergence was the first sign things may be turning around. The price will need to hold 2.5 if it wants to push past resistance and if bullish sentiment remains, that is where I believe ADA is going. If the price make it to 2.5 if will likely run to the minor target. If things take a turn for the worse and BTC falls, ADA will break its trendline which will signal a drop the 2.0. However, right now, there is no sign that will happen. Things look good at the moment. Feel free to set alerts on the main trendline as well as the various levels I have mentioned on my chart! If you are trying to learn TA, I recommend picking up a book, learning, and start charting. Do not worry about being right or wrong, simply chart. I want everyone here to learn as much as they can and be able to apply it to their own charts and investments. I will continue to keep an eye on ADA and update you all accordingly! Thanks again!!
Also, it is worth mentioning that TradingView has reached out to me and offered me very kind words, and showed me some support. I thought that was very nice of them and it was very unexpected. Though, I never planned for any of this to happen at all. I was constantly making charts for myself and my friends and some of them suggested I post them publicly. I never imagined any of this would happen, if I did, I would have waited until I had a bit more free time LOL. However, it makes me really happy to know that people are learning from my charts and hopefully it will encourage you all to learn technical analysis for yourselves! In a couple weeks I will have more time to make the educational content you have been asking for, and I will likely chart a wide spectrum of assets. Thank you again for all of the support, it means more to me than you know!
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.
