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ADAUSD Creates Strong Basing Pattern for KRAKEN:ADAUSD by imnotgoodatall

Important things to note:

BTC has reached the level I have mentioned previously 48K (it will need to retrace properly and hold for confirmation).

If BTC confirms level, it will confirm end to pullback. (likely scenario).

ADA will test 200MA as its final real test.

ADA will either pass the test and run to 2.86 (likely scenario) or be denied and move to 2.2.

Either scenario will likely signal the end to the pullback.

Basing pattern formed.

Test of 200MA likely to produce handle.

My major target is still 3.25.

None of my targets have changed.

Important Dates to Take Note of:

ADA Summit Sep 25-26 2021 (likely to produce more important dates)

So, BTC has made its important move to 48k . Now it will have to retrace properly and hold 48 to signal the end of the pullback. ADA will correlate to this by testing the 200MA on the 1H which will confirm the direction and signal the end of the pullback. The best case and most likely scenario is ADA passing the 200MA test and moving to 2.86 (minor target). It will have to break through the resistance at 2.78 to do this but it will be the 3rd touch so it makes perfect sense. The worst case scenario is that ADA will fail the test move to 2.2 which will likely produce a bounce (because the 50MA is at 2.2 on the 1D) and likely signal the end of the pullback. So really, either way looks fairly good to me. I still have my major target of 3.25 which was backed up by 2 separate cup and handle patterns. Speaking of cup and handles, the next test successful test of the 200MA will likely produce a handle for our new basing pattern that formed. Right now, things look great. We will see how everything goes. Just remember to be patience and understand that the fundamental of ADA are extremely strong. The crypto market is extremely bullish and we will likely see extremely high highs before it ends. Thank you to everyone for being patience with me while I study. I will continue to keep an eye on ADA and update you accordingly. 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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