ADAUSD Continues Correction What's Next
Updated
Important things to note:
Market continues to correct
If market continues, this will drive price to support
2.197 - 1.920 is the area that has proven to be a strong demand zone (an area where people buy)
This is where the market will impulse buy
Price will be driven up eventually to my target 2.7
If market manages to finish its correction at right now, my target is still 2.7
Though ADA is being moved by the BTC correction, ADA is still showing more strength than BTC
I have mentioned this all before but I wanted to put it together in one post
Important Dates to Take Note of:
ADA Alonzo (smart contracts) go live Sep 12 2021
ADA Summit Sep 25-26 2021
So I have to make my post a bit earlier today because I will be studying the rest of the night. I stayed up until about 3am looking at BTC and ADA, charting various timeframes, analyzing the trends, and patterns. What I see is a likely impulse buy at the range of 2.197 - 1.920. You have probably heard me say estimates a million times around 2.2, 2.0 and 1.87 and say this will cause the price to shoot up, but I figured I would be exact today in case anyone wants to set an alert. This is the range that has been a proven demand zone, which mean it is an area that produces a lot of buying (this is also why it is a support). I believe this will cause impulse buying that will put bulls in control of the price movement and will cause a run. I have produced a target of 2.70 which is a very reserved target to be honest. If I had to put money on it, I would say 2.79 because that is where it will face the most resistance. I will worry about the exact details when we get there. If the correction ends and price starts to consolidate, my target will stay the same. However, if this happens, there will likely be patterns created that will give us an idea of where it is going before the move. Now, I just want to note that ADA is showing more strength than BTC due to the movements I see. Overall, I am pretty happy about this because I might my opportunity to enter ADA again and I price I find valuable (this is the same reasoning that zone is a strong demand zone, even the most patient traders are likely to enter here). I also want to note that I believe the price of ADA will be higher than you expect come the end of 2021 due to the strength of the crypto market. Now, I wanted to say I am very happy from the feedback I have been receiving regarding my content. I can really tell people are learning and able to follow along and that makes me very happy. That is the entire reason I am taking time out of my day to do this. It is because of you, your feedback, and the fact that you are learning. Thank you all so much for this. As usual, I will continue to keep an eye on the movements and keep you all updated as much as possible.
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.
Market continues to correct
If market continues, this will drive price to support
2.197 - 1.920 is the area that has proven to be a strong demand zone (an area where people buy)
This is where the market will impulse buy
Price will be driven up eventually to my target 2.7
If market manages to finish its correction at right now, my target is still 2.7
Though ADA is being moved by the BTC correction, ADA is still showing more strength than BTC
I have mentioned this all before but I wanted to put it together in one post
Important Dates to Take Note of:
ADA Alonzo (smart contracts) go live Sep 12 2021
ADA Summit Sep 25-26 2021
So I have to make my post a bit earlier today because I will be studying the rest of the night. I stayed up until about 3am looking at BTC and ADA, charting various timeframes, analyzing the trends, and patterns. What I see is a likely impulse buy at the range of 2.197 - 1.920. You have probably heard me say estimates a million times around 2.2, 2.0 and 1.87 and say this will cause the price to shoot up, but I figured I would be exact today in case anyone wants to set an alert. This is the range that has been a proven demand zone, which mean it is an area that produces a lot of buying (this is also why it is a support). I believe this will cause impulse buying that will put bulls in control of the price movement and will cause a run. I have produced a target of 2.70 which is a very reserved target to be honest. If I had to put money on it, I would say 2.79 because that is where it will face the most resistance. I will worry about the exact details when we get there. If the correction ends and price starts to consolidate, my target will stay the same. However, if this happens, there will likely be patterns created that will give us an idea of where it is going before the move. Now, I just want to note that ADA is showing more strength than BTC due to the movements I see. Overall, I am pretty happy about this because I might my opportunity to enter ADA again and I price I find valuable (this is the same reasoning that zone is a strong demand zone, even the most patient traders are likely to enter here). I also want to note that I believe the price of ADA will be higher than you expect come the end of 2021 due to the strength of the crypto market. Now, I wanted to say I am very happy from the feedback I have been receiving regarding my content. I can really tell people are learning and able to follow along and that makes me very happy. That is the entire reason I am taking time out of my day to do this. It is because of you, your feedback, and the fact that you are learning. Thank you all so much for this. As usual, I will continue to keep an eye on the movements and keep you all updated as much as possible.
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.
Note
I recently posted that ADA was stronger than BTC in my opinion. So, I had someone ask me why I consider ADA stronger than BTC. Instead of giving them a technical answer that they wouldn't understand. I decided to answer their question with a fundamental answer: Smart contracts are about to launch. Not to mention the support for ADA is insanely large. They have everything you would want fundamentally, and the chart reflects that to some extent. On Aug 8th BTC was trading on top of ADA, and from then until right now BTC is up about 3.4% whereas ADA is up 66.7%. I only used this metric because I was trying to be fair. Remember, this is still pre-smart contracts as well. Anyone that does not understand fundamentals might think of it as a S-Coin and to that I say, why is 71% of it staked if it has poor fundamentals? So, it is obvious a lot of people believe it is going to do well, including me. Which is why I invested in it quite heavily among a few other coins. I am not lackadaisical when choosing where I put my money. In fact, I am quite the opposite. That being said if you are trying to enter the market and you don't have a lot of money, do not worry about getting the world's best price, find a good entry at a discount and enter. If you are worried about the price, dollar cost average. This is a great time to buy. When I say I will not enter at this price it's because I have already entered at a far lower price and averaging up would not be worth it to me. If I am already invested in an asset and want make money on market movements, I use leverage. But you should not be concerned with that. If you want to build a portfolio, find assets with good fundamentals, and enter at a discount, and if you are worried about the best price, use dollar cost averaging. it is that simple. The only time you might want to liquidate is at the end of a bull market, and I do not think we are close to that right now. I hope this helps everyone! Cheers!Note
By the way, the above is not financial advice. It is just my opinion and what I would do if I was in that position (which I have been).Note
Well that is it for me tonight! Everything looks like it is right on schedule with no changes so far. I am going to bed! Goodnight everyone!
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