Important things to note:
ADA Breaks out of flagging pattern, but misses ATH.
BTC Hits 51K
If Bullish, price likely to fall into basing pattern
Volume will fill
200MA will likely be tested
Keep and eye on the trendline
So, though BTC has created a new high, ADA has struggled to reach the same heights. Though it might not seem like it, the ADA price is bullish I figured the ADA price will be punished and forced to consolidate into a basing pattern if sentiment is still bullish. This is a really bullish September for crypto, to be honest. Usually, like the stock market, it doesn't do much. However, that can always change in the future. I still have a price target of 3.16- 3.24. However, If prices are to continue to new heights, I expect a pullback in the future. Again, the slope of ADA and BTC bothers me. I do not like seeing a sideways market at such a critical point in the price chart. Things to watch on the chart are the 200MA and the main trendline. I expect the price to test the 200MA and if prices fall below the trendline, we are likely going to be seeing our pullback. However, that will be easy enough to spot. Smart contracts are going to go live in a little over a week which I expect to have a minimal amount of effect on the price. Right now, sit back, set your alerts, and watch the basing pattern form.
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.
ADA Breaks out of flagging pattern, but misses ATH.
BTC Hits 51K
If Bullish, price likely to fall into basing pattern
Volume will fill
200MA will likely be tested
Keep and eye on the trendline
So, though BTC has created a new high, ADA has struggled to reach the same heights. Though it might not seem like it, the ADA price is bullish I figured the ADA price will be punished and forced to consolidate into a basing pattern if sentiment is still bullish. This is a really bullish September for crypto, to be honest. Usually, like the stock market, it doesn't do much. However, that can always change in the future. I still have a price target of 3.16- 3.24. However, If prices are to continue to new heights, I expect a pullback in the future. Again, the slope of ADA and BTC bothers me. I do not like seeing a sideways market at such a critical point in the price chart. Things to watch on the chart are the 200MA and the main trendline. I expect the price to test the 200MA and if prices fall below the trendline, we are likely going to be seeing our pullback. However, that will be easy enough to spot. Smart contracts are going to go live in a little over a week which I expect to have a minimal amount of effect on the price. Right now, sit back, set your alerts, and watch the basing pattern form.
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.
