ADAUSD Correction Coming to Critical Point for KRAKEN:ADAUSD by imnotgoodatall

Important things to note:

I had some time to study BTC right now
BTC has created 3 lows now it will test

Just closed above a critical level right now

It will need to close above 200EMA to confirm

If it fails it will create a new lower low 42k or 38k, if it passes, it will move higher signaling end to correction

ADA is about to run a test of its own (200MA)

If ADA passes it will test resistance, if not it will get punted down.

My targets remain the same.

If you need to enter, I would advise averaging because BTC can go either way right now.

Important Dates to Take Note of:

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

Again, I have spent most of my time I can allot today to studying the BTC movements. It is coming to a critical point right now, if it can close above 200EMA, it will signal an end to correction. The fact it has created 3 lower lows also helps support this along with bullish divergence on RSI . The last low was created last night while I was sleeping. If it can pass the test it will move the price upward, if it fails the test it will create a newer lower 42K or 38K which will bring ADA to the lows I have mentioned 2.2. and 2.0. While BTC tests, ADA will test as well. ADA will first test the 200MA, and if it passes it will test resistance. If BTC is able to close above where it needs to, ADA will likely push past its resistance and break the flagging pattern where it will consolidate at a support. This will be the 3rd test of resistance which is rather important. Normally, you want to see at least 3 tests of resistance before you expect a result. My targets remain the same. However, I want to note that if you haven’t entered and you would like to, you should probably start dollar cost averaging because ADA will start testing soon along with BTC . No one knows what direction it will go right now. However, we will know sooner than we thought. That being said, I am on the last week of studying so I am trying to keep up with everything. I will try the best I can to keep an eye on everything as best I can. This will likely be the last post of the night because I need the rest of it for studying but I will continue to update the chart. My responses might be delayed because of this but I will get to you when I can! Thanks again everyone!

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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