Important things to note:
This is exactly what an auto fib tool tries to do.
Auto fib tools are only semi accurate.
Doing it yourself is far more accurate.
A fib should be used in conjunction with targets from patterns.
This is how I come up with my price targets and calculate larger movements.
I hope you can see the pattern that form and why they form.
I did not use an auto fib to do this, it would likely not line up at all.
I always recommend doing it yourself as you learn more.
ADA is still consolidating, the move to EXT.1 will take time.
It is unlikely that RET.1 will be hit with the information we have right now.
Volume matters and it is the most underrated of all indicators.
Important Dates to Take Note of:
ADA Alonzo (smart contracts) go live Sep 12 2021
ADA Summit Sep 25-26 2021
Most people will look at a chart and see "green candle = happy, red candle = angry", however, I wanted to show you what I see when I look at a chart. I look for trends, patterns, and signals. I rarely use any other indicators than what you see on my charts. Sometimes I will use something situationally, but usually doing it yourself is best. You have all the information you need right in front of you. I hope by looking at my chart you can also learn to see what I see, and chart things out in a similar way for yourself. Anytime you have a target it should come with some form of confirmation, either by patterns, signals, or trend analysis. When you look at the shorter time frames the volatility increases, and reliability decreases which is why it is so difficult to be a day trader. It is much more easy to wait for pullbacks, and not to sound cliché, buy the dips. This is exactly what you should do while you build your portfolio and increase your knowledge. Further down the road, I will put out more advanced analysis as well, showing you how to trade in the short term. Now, looking at the chart you will see I have a target of around 3.25, this was a target I received from an old cup and handle and I do not think it is any coincidence that it also is equal to the depth of the last basing pattern which was formed. Not to mention the target lines up quite nicely with the other retracements that have occurred. I have been waiting for this pattern to complete for a couple weeks now, and I am likely to do more waiting. While BTC struggles to get its momentum we must wait patiently. I have named another minor target of about 2.9, however this does not excite me as much for obvious reasons. The same process that happened to ADA will happen to BTC where it will either reach a point where there is impulse buying and bulls move the price up quickly or it will be left to consolidate until bulls move the price up quickly. Either way, the price is going to increase in my opinion. I have always said I am not convinced of the doomsday prophecies people have been throwing around. That just does not seem likely to me at all right now. Anyways, I hope this helps you understand how I view a chart, which is why I do not get worked up over the small ups and downs of it all. In fact, I called the move to 2.79 perfectly while in a downtrend with no easy indication (like a big green candle) that the price was going to move. Hopefully you will be able to view a chart in the same way so you don't get emotional at the sight of a giant red candle. Always remember " you must be fearful when others are greedy and greedy when others are fearful" - Warren Buffett. I will continue to keep an eye on the movements of ADA and update you accordingly. Thanks again!
lso, 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.
This is exactly what an auto fib tool tries to do.
Auto fib tools are only semi accurate.
Doing it yourself is far more accurate.
A fib should be used in conjunction with targets from patterns.
This is how I come up with my price targets and calculate larger movements.
I hope you can see the pattern that form and why they form.
I did not use an auto fib to do this, it would likely not line up at all.
I always recommend doing it yourself as you learn more.
ADA is still consolidating, the move to EXT.1 will take time.
It is unlikely that RET.1 will be hit with the information we have right now.
Volume matters and it is the most underrated of all indicators.
Important Dates to Take Note of:
ADA Alonzo (smart contracts) go live Sep 12 2021
ADA Summit Sep 25-26 2021
Most people will look at a chart and see "green candle = happy, red candle = angry", however, I wanted to show you what I see when I look at a chart. I look for trends, patterns, and signals. I rarely use any other indicators than what you see on my charts. Sometimes I will use something situationally, but usually doing it yourself is best. You have all the information you need right in front of you. I hope by looking at my chart you can also learn to see what I see, and chart things out in a similar way for yourself. Anytime you have a target it should come with some form of confirmation, either by patterns, signals, or trend analysis. When you look at the shorter time frames the volatility increases, and reliability decreases which is why it is so difficult to be a day trader. It is much more easy to wait for pullbacks, and not to sound cliché, buy the dips. This is exactly what you should do while you build your portfolio and increase your knowledge. Further down the road, I will put out more advanced analysis as well, showing you how to trade in the short term. Now, looking at the chart you will see I have a target of around 3.25, this was a target I received from an old cup and handle and I do not think it is any coincidence that it also is equal to the depth of the last basing pattern which was formed. Not to mention the target lines up quite nicely with the other retracements that have occurred. I have been waiting for this pattern to complete for a couple weeks now, and I am likely to do more waiting. While BTC struggles to get its momentum we must wait patiently. I have named another minor target of about 2.9, however this does not excite me as much for obvious reasons. The same process that happened to ADA will happen to BTC where it will either reach a point where there is impulse buying and bulls move the price up quickly or it will be left to consolidate until bulls move the price up quickly. Either way, the price is going to increase in my opinion. I have always said I am not convinced of the doomsday prophecies people have been throwing around. That just does not seem likely to me at all right now. Anyways, I hope this helps you understand how I view a chart, which is why I do not get worked up over the small ups and downs of it all. In fact, I called the move to 2.79 perfectly while in a downtrend with no easy indication (like a big green candle) that the price was going to move. Hopefully you will be able to view a chart in the same way so you don't get emotional at the sight of a giant red candle. Always remember " you must be fearful when others are greedy and greedy when others are fearful" - Warren Buffett. I will continue to keep an eye on the movements of ADA and update you accordingly. Thanks again!
lso, 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.
Comment:
BTC slowly working its way to 42804. The weekend slows everything down a bit. But it is likely on its way.
Comment:
ADA trying to stay afloat, likely to get pushed down to 2.46.
Comment:
Wow, there is an insane amount of defense from bulls at 2.53 right now. Take a look. The candle is bouncing back and forth like a ping pong ball.
Comment:
This is actually kind of insane. LOL. I severely underestimated the level of support at 2.53. Anyways if the support fails, 2.46 is the likely spot it will end up. That will still be within my last pattern so it doesn't really matter. I just thought you should know. I'm going to sleep! Cheers!
Comment:
If the price reaches 2.61, that would be rather significant. Ok seriously now, I am going to sleep.
