ADA Consolidates in Ascending Triangle
Updated
Here is a small recap on what I have been seeing in regards to ADA. The last major move was ADA's premature run on the all time high. This brought a bit of punishment which forced ADA back into an area of consolidation (see the punishment begins chart for the consolidation area). ADA then formed a large cup and while forming the handle, the pattern broke to the downside for more consolidation. The giant ascending triangle ADA is sitting within is still holding. You should set alerts at the top of the triangle and the bottom (the hypotenuse). Any break outside this pattern would mean a important price movement is occurring in either direction. If we look at the handle we can see the price is coming to a focal point which will bring about a decision regarding the price (up or down). Overall, ADA is consolidating slowly which I am a fan of. All we can do now is wait to see what happens.
To be clear, I publish these charts to show you all the patterns I am watching at the moment. I do not pretend to know the future because no one really does. I give you the patterns and the options that can occur with the information we know at the time and my opinion on the matter. Patterns form, sometimes they complete, sometimes they break. Overall sentiment shifts just like wind blows. Every pattern and trend requires confirmation which happens over hours, days and months. I like to show you the patterns that begin to form so you can start to identify them yourself. So you know what to watch within a price movement, including the formation of buying and selling volume. Overall, I hope this helps you when you look at a price chart. Soon, I will start creating videos covering specific topics within the technical analysis space. I want to teach you what I know so you can do this yourself and build a community of well rounded technical analysts helping each other to identify patterns and trends within the market. I hope you understand where I am coming from.
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.
Now lets talk about why ADA has so much strength. Cardano is about to release smart contract September 12 with the Alonzo release. This addition makes it a viable competitor to ETH as an open source platform. Right now, it is just a glorified ledger. As a person who plans to be a Cadano Developer once Alonzo is released, it makes me wonder how far ADA can go. I have heard people say it cannot go to 100 dollars because it will need around a 3T market cap. But considering in the past 2 weeks ADA has added 31B to its market cap, it's definitely not out of the realm of possibility. Also, considering Grayscale Investments has picked it up, I think it has a LOT more room to grow.
Tell me what you think?
This is not financial advice. DYODD.
To be clear, I publish these charts to show you all the patterns I am watching at the moment. I do not pretend to know the future because no one really does. I give you the patterns and the options that can occur with the information we know at the time and my opinion on the matter. Patterns form, sometimes they complete, sometimes they break. Overall sentiment shifts just like wind blows. Every pattern and trend requires confirmation which happens over hours, days and months. I like to show you the patterns that begin to form so you can start to identify them yourself. So you know what to watch within a price movement, including the formation of buying and selling volume. Overall, I hope this helps you when you look at a price chart. Soon, I will start creating videos covering specific topics within the technical analysis space. I want to teach you what I know so you can do this yourself and build a community of well rounded technical analysts helping each other to identify patterns and trends within the market. I hope you understand where I am coming from.
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.
Now lets talk about why ADA has so much strength. Cardano is about to release smart contract September 12 with the Alonzo release. This addition makes it a viable competitor to ETH as an open source platform. Right now, it is just a glorified ledger. As a person who plans to be a Cadano Developer once Alonzo is released, it makes me wonder how far ADA can go. I have heard people say it cannot go to 100 dollars because it will need around a 3T market cap. But considering in the past 2 weeks ADA has added 31B to its market cap, it's definitely not out of the realm of possibility. Also, considering Grayscale Investments has picked it up, I think it has a LOT more room to grow.
Tell me what you think?
This is not financial advice. DYODD.
Note
At the smallest level, the price has been pushed up a bit and broke out of the smaller triangle to the upside which extends the hypotenuse of the triangle that existed. The volume has hit the floor so there is not much going on right now. I will keep an eye on things and let you know when I see anything of merit.Note
BTC has created a pattern and is trying to march towards it as we speak. If it is able to push past this point, the tides will rise for all crypto in general. The price point is 51554. Take a look for yourselves!Note
The fact that the volume has hit the floor (due to the weekend), has left it a bit vulnerable to small price movements. Again, the 200MA will most likely be tested again. Volume should be pumped back up tomorrow which will create more meaningful price movements. Set your alerts!
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