ADAUSD Oversold Creates Small Rally
Important things to note:
Price settled around 2.0 as I mentioned it probably would if trendline breaks.
RSI showed oversold causing small rally.
A few things can happen here:
1 - Price falls to 1.7 ending the correction.
2 - Price rallies to the price decision region and moves downward to 1.9.
3 - Price goes to decision region and breaks above the box, moves upward to 2.56 target.
I only see the BTC correction lasting about 3 more movements at the most.
Important Dates to Take Note of:
ADA Summit Sep 25-26 2021 (likely to produce more important dates)
Hey everyone, I'm back from vacation and well rested thanks to a much needed nap! Thanks for all of your patience while I was gone! I tried my best to hop on and put out a chart so you would know what to expect if things moved quickly while I was away. So, as we can see, the price more or less settled right around the 2.0 price level as I had previously mentioned. The RSI was showing the asset to be oversold which will cause a little rally. I can see a few things happening from here: Either the price will fall to 1.7 which I believe will signal the end of the correction, it will move to the price decision area and bounce downward to 1.9, or it will hit the price decision area and break above, which will produce a target of 2.56. When looking at BTC and ADA, I believe the correction has 3 major movements at the most left in it. I have heard a lot of people talk about the bad news going around, but I have to say, you can't be too invested in the news. Bloomberg is probably my favorite out of all of the financial news organizations but even then, I just try to listen to what is happening, and make my own judgements from there. TA does not take into consideration any news. It uses patterns, trends, and indicators, which is why I like it. I am not saying you should be blindly bullish or bearish, that should be obvious. I am saying think about everything you see on the news and ponder if it makes sense to you. So that being said, try to relax, look at bearish pullbacks as a great time to acquire more assets, and look at bullish highs as a great time to take a little profit! Try to enjoy this little journey and do not be impulsive. Not many people get rich overnight. I will continue to watch ADA and update you with anything I see! 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.
Price settled around 2.0 as I mentioned it probably would if trendline breaks.
RSI showed oversold causing small rally.
A few things can happen here:
1 - Price falls to 1.7 ending the correction.
2 - Price rallies to the price decision region and moves downward to 1.9.
3 - Price goes to decision region and breaks above the box, moves upward to 2.56 target.
I only see the BTC correction lasting about 3 more movements at the most.
Important Dates to Take Note of:
ADA Summit Sep 25-26 2021 (likely to produce more important dates)
Hey everyone, I'm back from vacation and well rested thanks to a much needed nap! Thanks for all of your patience while I was gone! I tried my best to hop on and put out a chart so you would know what to expect if things moved quickly while I was away. So, as we can see, the price more or less settled right around the 2.0 price level as I had previously mentioned. The RSI was showing the asset to be oversold which will cause a little rally. I can see a few things happening from here: Either the price will fall to 1.7 which I believe will signal the end of the correction, it will move to the price decision area and bounce downward to 1.9, or it will hit the price decision area and break above, which will produce a target of 2.56. When looking at BTC and ADA, I believe the correction has 3 major movements at the most left in it. I have heard a lot of people talk about the bad news going around, but I have to say, you can't be too invested in the news. Bloomberg is probably my favorite out of all of the financial news organizations but even then, I just try to listen to what is happening, and make my own judgements from there. TA does not take into consideration any news. It uses patterns, trends, and indicators, which is why I like it. I am not saying you should be blindly bullish or bearish, that should be obvious. I am saying think about everything you see on the news and ponder if it makes sense to you. So that being said, try to relax, look at bearish pullbacks as a great time to acquire more assets, and look at bullish highs as a great time to take a little profit! Try to enjoy this little journey and do not be impulsive. Not many people get rich overnight. I will continue to watch ADA and update you with anything I see! 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.
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