ADAUSD Breaks Out From D. Triangle
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Important things to note:
BTC has started to signal strength.
BTC needs to break above down trendline at least, then 53K.
Volume is holiday flavor (Low).
ADA shows strong buying at bottom.
Descending Triangle has broken to upside.
Wait for retest, if successful, resistance zone is next.
Important dates to note:
Evergrande payments (largest payment of 2.1B due March 23, 2022).
Hello everyone, I hope you are doing well. So BTC has started to signal strength, however it can still be considered sideways for the most part which brings life to alts. Though I am optimistic, alts needed some relief and this may be just that. Now, in regard to ADA, like I had said before, there has been serious buying at the bottom of the descending triangle which actually stopped the asset from falling further despite BTC falling. This shows strength and demand at that level. Descending Triangles can signal reversals and I believe it BTC stays at least sideways, we are getting our reversal. You can see the price has broken out to the upside and now needs to test support before moving higher to the resistance level. This is a bullish scenario so don't expect this to happen if BTC heads to 42k all of a sudden. Thanks again everyone!
BTC has started to signal strength.
BTC needs to break above down trendline at least, then 53K.
Volume is holiday flavor (Low).
ADA shows strong buying at bottom.
Descending Triangle has broken to upside.
Wait for retest, if successful, resistance zone is next.
Important dates to note:
Evergrande payments (largest payment of 2.1B due March 23, 2022).
Hello everyone, I hope you are doing well. So BTC has started to signal strength, however it can still be considered sideways for the most part which brings life to alts. Though I am optimistic, alts needed some relief and this may be just that. Now, in regard to ADA, like I had said before, there has been serious buying at the bottom of the descending triangle which actually stopped the asset from falling further despite BTC falling. This shows strength and demand at that level. Descending Triangles can signal reversals and I believe it BTC stays at least sideways, we are getting our reversal. You can see the price has broken out to the upside and now needs to test support before moving higher to the resistance level. This is a bullish scenario so don't expect this to happen if BTC heads to 42k all of a sudden. Thanks again everyone!
Nota
So, tell me what you think!This is not financial advice. Do your own due diligence.
Nota
"The bull market is still intact.""The next 6 months look structurally strong."
"Models work, but any price tag is risky business."
"If you consistently predict price well, you're probably a whale in the options market."
-WOAS
I agree.
Nota
The only thing I do not agree with is that a price tag is risky. I think it is only risky if it is public (PlanB, for example).Nota
Keep an eye on the main BTC downward trendline (the one starting at the ATH). If BTC can break this, bullish sentiment overall will return. The market is dragging its feet right now because of low volume so don't expect anything done quickly. That trendline is the next thing that must be defeated, then 53k.Nota
BTC downward trendline broken easily. Price is on its way to 53.Nota
Shorts are getting squeezed.Nota
Low Volume + bullish sentiment + short squeeze = $$$
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