ADAUSD Small Descending Triangle
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Important things to note:
We still have a giant ascending wedge (bearish)
We have a small descending triangle (bearish)
We have a doji candle yesterday on 1D chart (price reversal)
Important Dates to Take Note of:
BTC becomes legal tender in El Salvador Sep 7 2021
ADA Alonzo (smart contracts) go live Sep 12 2021
ADA Summit Sep 25-26 2021
So, the bad news first, obviously we have the looming ascending wedge that has been forming. However a break from the wedge could be caught by a test on the 200MA or the main trendline so you will need to set alerts for that. The good thing about that is there will be little pain, but you need to watch those 2 lines because it can always fail the test and fall further (I am looking at around 2.20 if this occurs). There is a small descending triangle forming, you will need to watch for a break below the 2.90 price mark for this. Again, this will likely be the catalyst for the test of the 200MA and Main trendline. We will see what happens. If no patterns break and ADA continues to consolidate you will see a basing pattern that will likely push the price to the 3.16-3.24 target eventually. However, that would likely mark the end of this little journey upwards and the price will likely break soon after. A pullback will be needed eventually and like I always say, it is coming. Like I have said a million times by now, the flattening slope bothers me. I will continue to keep and eye on ADA. Make sure you set your alerts!
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.
We still have a giant ascending wedge (bearish)
We have a small descending triangle (bearish)
We have a doji candle yesterday on 1D chart (price reversal)
Important Dates to Take Note of:
BTC becomes legal tender in El Salvador Sep 7 2021
ADA Alonzo (smart contracts) go live Sep 12 2021
ADA Summit Sep 25-26 2021
So, the bad news first, obviously we have the looming ascending wedge that has been forming. However a break from the wedge could be caught by a test on the 200MA or the main trendline so you will need to set alerts for that. The good thing about that is there will be little pain, but you need to watch those 2 lines because it can always fail the test and fall further (I am looking at around 2.20 if this occurs). There is a small descending triangle forming, you will need to watch for a break below the 2.90 price mark for this. Again, this will likely be the catalyst for the test of the 200MA and Main trendline. We will see what happens. If no patterns break and ADA continues to consolidate you will see a basing pattern that will likely push the price to the 3.16-3.24 target eventually. However, that would likely mark the end of this little journey upwards and the price will likely break soon after. A pullback will be needed eventually and like I always say, it is coming. Like I have said a million times by now, the flattening slope bothers me. I will continue to keep and eye on ADA. Make sure you set your alerts!
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.
Nota
I want to reiterate to people (especially young people), that no matter what happens within an asset price movement, you will be fine as long as the asset you choose has good fundamentals. For example, if ADA is showing bearish signals, ask yourself, will the asset hit 0, unlikely. Will the asset hit 1.50, possibly. Will it stay at 1.50, unlikely. You have to fortify your mind to be able to withstand pullbacks, and essentially be completely comfortable with any price movements, regardless of what your impulses tell you. You must develop patience and an understanding that signs, signals, trends, corrections, ups, and downs, are all part of the game. What you have on your side is time, patience, and serenity. These things are more powerful than anything the market can possibly throw at you.
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