ADAUSD Bear Pennant From Liquidity Event

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Important things to note:

BTC printed 8K candle on Binance (pretty shady).
Liquidity event starts chain reaction.
BTC has pulled back and is creating bear pennant target 58k unless pattern breaks.
ADA has long wick due to liquidity event.
ADA creates bear pennant.
Ironically I did an update on stop hunting right before we see a giant example of it.
The plan for ADA does not changed.
As I said before, blood is in the water.
Smart money is rotating.
I smell FUD.

Important dates:

BTC ETF Deadlines Nov. 21, Dec. 8, Dec. 11 and Dec. 24.

So hedge funds and large investors are playing around a bit. It is pretty ironic considering I was just talking about it 7 hours before it happened. Binance printed a 8K candle which threw everything in to disarray. Liquidity event created a chain reaction pushing prices down and creating candles with giant wicks. Because of this, BTC has created a bear pennant, with a target of 58K unless the pattern breaks. ADA was hurt more than other smart contract alts due to the fact it is backed mostly by retail. If you know anything about retail investors, they are easily spooked. This provided a wonderful buying opportunity for the smart money. This is all to create FUD, hunt stop losses, and create a buying opportunity. I assume for a lot of you, their plan worked and you are worried. For me, the plan has not changed at all. Either ADA will continue to consolidate by breaking the bear pennant at some point and moving upward, or the pullback continues and will be followed by a bounce. I have put the support level on the chart incase you are wondering where the price will go if the bear pennant doesn't break. The rest of Oct is really the last chance for a good rotation so I am using these bloody days to acquire more alts at a decent price. Then I will sit back a bit and relax for once.

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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If anyone sees a mistake I made on the chart or otherwise let me know, because I can't edit my charts after I make them since TV is broken. LOL

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NOTE: If you are new and don't know what the plan is for ADA look at my last chart.

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UPDATE: Pattern has broken to the upside in a consolidation that I do not consider a bearish structure. All is well. Plan for the continuation and consolidation of ADA.

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BTC has also broken bearish pattern and found support.

On another note: look at the alt pairs, look at BTC.D, look at Total2. :)

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The problem with a lot of crypto influencers or old early BTC investors is that they understand the value of BTC but they underestimate the value of smart contract platforms and altcoins in general. They do not understand the accessibility factor of them. See I knew that when BTC hits an all time high, people would notice, and what will they do? They would buy alts not only because they are more accessible to people with less money, but they also likely will give a higher ROI than BTC. They would rather buy 1 ETH than .08BTC. Large hedge funds know this as well, they are not stupid. They are unbias, impartial and only care about ROI and low opportunity costs.

Hopefully this helps you understand my thought process behind it a bit.

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“One of our institutional traders indicated to us that they had a bug in their trading algorithm, which appears to have caused the sell-off that was reported this morning,” a Binance.US spokesperson told CoinDesk.

“We are continuing to look into the event but understand from the trader that they have now fixed their bug and that the issue appears to have been resolved,” the spokesperson said, declined to comment on further details about the crash.

Sounds like bullshit to me.

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Investing 101 - when you see 2 candles right next to each other with an open and close price that are the same, that is a reversal signal. So a green candle that closes at a certain price and a red candle that opens at a certain price. Both prices are the same. That is a reversal signal of a particular movement.

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Alright everyone, off to bed for me! Goodnight!

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BTC is bear flagging again. If pattern holds target 57293.

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If anyone cares, I have completed entering my alts. I finished rotating assets at the height of BTC.D thankfully. Then used my liquidity to enter positions I find interesting, which as of today I have completed. I explained to everyone what I look for in terms of assets with the largest potential gains. Some people took advantage and entered those assets as well and are happy from what I hear, which is good. Others are sad due to the pullback I suppose. Try your best to control your emotions, if you are upset during every pullback, you will never realize the potential a pullback has to offer, nor will you have much fun. I prefer to have fun while I invest. In fact, I enjoy it more than most things. I only have a handful of cash left to enter and exit opportunities I see for very quick moves. I will also continue to run contracts, but as for portfolio management, I am done. No more for me until end of cycle.

If you are wondering what happens after that... this is my basic portfolio strategy I have been using for years now in regard to crypto:

I use profit from trading and liquid cash and buy alts in masse at the beginning of the cycle, I liquidate alts at end of cycle, I use profits to buy BTC in bear cycle, I move BTC to cold storage, rinse and repeat. This is it, nothing special. It is the same formula capital management and investment firms use. In fact, I learned it from them. Specifically, from a good friend of mine. Don't get me wrong. I believe in smart contracts and blockchain in general most than most people, however I invest for profit, not for hopes and dreams. I keep my emotions and feelings completely separate when I invest. The next cycle I will probably start holding on to alts more if things pan out the way I think they will. You see, there is a recession (at the very least) coming. I have had my eye on the economic health of things for a couple years now, and I don't like what I see. I have already liquidated most of my stock portfolio already. I will not enjoy the taxes I will be dealing with this year. I am only going to be running LEAPs in the stock market for the foreseeable future. There, now you know all of my secrets LOL.

I haven't been looking at the market as much as I usually do because I want to take a few days off. I have been trading quite a bit in the last few weeks so I need a breather! I have done well so I figure I deserve it. There is nothing to talk about in regard to ADA at the moment. The plan is the same incase you were wondering. I gave you the blueprint already. I have one request for ONEUSDT to do this weekend so I'll be posting that but mostly I am going to be relaxing at the beach. If something pops up that needs to be discussed, I will post about it (like I did with the liquidity event). If you have any questions, feel free to DM me, and try to relax, good times are ahead. Cheers everyone!

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BTC reversed its trend.

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ETH is following BTC. :) nice.

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The reversal will be confirmed with a push to about 62178 for BTC. Keep an eye on it! I'm going to get some sleep! Goodnight everyone!