Video were going to dive down into the technical analysis for ada to see exactly what has been going on and what we could expect to happen next, as we get into this video. If you do find it useful and informative hit, that, like button, really do appreciate that, if you happen to be new to the channel, why not go ahead and subscribe tap that bell select all notifications, and in doing so you will be kept up to date with Absolutely everything that we do here at cheeky, crypto, right with this said done and out of the way lets dive down into the charts for ada and take a look at exactly what is going on here with this price action. Okay, guys so, as always, were going to just start with that weekly chart. I really want to kind of review this structure make sure everything is kind of on track and uh talk about where we think things are likely to go here with ada by the end of the ball run. Okay, so to put this into um some kind of context, we have got the five impulsive waves to the upside. This is elliott theory. Okay, uh for people whove been around on the channel for a while theyre familiar with this uh. If youre new, then obviously you havent seen this before, but basically the ball runs started back in march of 2020 and uh, basically uh. We saw several key areas right, wave, one and way three wave one basically picked up in july of 2020, with wave three peaking up in may of 2021.

Okay, these are the two upward trends. There are, of course, two downward trends when it comes to these five impulsive waves wave two and wave four okay wave four bottomed out here, uh approximately the september 2020, and then obviously we could have a triple tap um for um. You know 2021. This was actually may of 2021. We had june of 2021 and july of 2021. Okay, things really heated up nicely for august and then obviously september theyll be in the month of pullbacks. Again historically, you saw it over here and you see over here every single september. We kind of make it happen, its a self fulfilling prophecy. We have to pull back right. We expect its going to happen, so we make it happen by selling our bags and as a result, you know we kind of got through that. We started trading sideways around this area ill get into that in a moment, but ultimately we are now heading up into this fifth wave in a nice and strong way, but where does whit faith wave five actually end right in order for us to understand uh, you Know how we predict out wave five. We first will have to acknowledge. There is an upward trend here, an upward trend here and downward trend for wave two and a downward trend for wave four right, as indicated um, as i just mentioned right so, and what we can do is we can take these trends of this ball run and Actually help us predict out where things are going right, so we take the low area of wave two.

We take the high area of wave three in the low area of wave four, as in we take uh, specifically the downward trend for wave two, the upward trend for wave three and the downward trend of wave four. We take these three trends into consideration and we use a trend based fib to actually then plot out where we think the fifth wave is likely to go now. This is truly optimized, based on the trends that weve seen so far. This is the highest probability of where it is going now, obviously, with cardano. Fundamentally, things are shifting and changing. This could have an impact both positively and negatively, depending on the type of fundamental shifts that happen um to the price action of ada right now, i think personally, its going to be a positive change because were in, amongst you know, new eras for cardano and well Get into more of that in a moment, and ultimately, we have a fibonacci 4.236 extension coming in at 11.31 cents, based on the trends of the ball, run that weve seen so far. So again, some good kind of price expectations that are set with the weekly chart. Here the structure is also following uh, pretty much a similar pattern as well as in wave one was pretty strong wave two uh going into wave three was relatively flat for quite some time right. We had a very long kind of flat period here before taking off and again we can see this very similar kind of flat period of time right here now.

This is pretty much down to the fact that we everyones kind of waiting on apps to launch on chain, and this is just down to a couple of delays and going on and obviously that old joke of card delano um. But nonetheless, i think anticipate some interesting times are had by the end of the ball run. I think cardone is going to be one of the latter part projects to actually peak um. So obviously, not all altcoins go. At the same time. Youve seen solana move rapidly to the upside set. All time highs all that kind of stuff. That worries me and specifically with the amount of billionaires that are invested in salon, and now we dont have the same problem when it comes to cardano pretty much. The majority of the supply was gifted out to the community and, as a result of that, you dont actually have this huge centralization of the supply, like you do for solana, so id be concerned over solanas price action that isnt going to last forever and the money Would eventually roll out and into other projects? So i do expect you know it to roll out solano into polkadot, for example, but with the market heating up, we have obviously taken out key cup technical areas and were going to get into that in a moment as well. So, overall, the sideways trade. As i said quite a few times now, this is just an opportunity to basically get in at cardano before we have that huge move to the upside okay.

So again in line our expectations are approximately five four to five x right. Okay, so weve got to understand where we are in the ball. Run right were not going to be talking about 100x moves from our current position. This particular cycle and thats already been had when youre getting in super early, okay, so um. If you want to basically make money with crypto and significant amounts of it, then join us in the bear market, because that is where the money is actually made not in the ballroom. The ball run is just about two things: one managing your expectations and two managing your emotions. Do not let the fear succumb. Do not let the greed succumb, you and you should be okay, manage those expectations, manage those emotions. Whilst you ride the price up in the bear market, when the price is falling, that is where your money is actually made. Thats, where you make the educated decisions to to basically accumulate very specific projects ahead of the ball runs. Okay, so do join us in the bear market. If you want to know more about that stuff right, so lets actually get into the daily chart, because we can of course be more conservative over our price estimates. Okay, okay! So, basically, if we take into consideration just the higher three and the lower four that one trend, let me actually just get rid of those the one downward trend: okay, when bitcoin was 65k and it moved down to 28k.

If we take one trend into consideration, rather than all three trends, we show ourselves moving out to 7.22, so a lot more conservative right again. I think this is something that we are likely to see. Now, obviously, we are taking out some key technical areas. We can see that we had a good surge up in august, the pullback of september, and basically, we started to consolidate down on 2.15 and into the 786 702 618 of the chart, okay, based on these fibs area, so basically one dollar. Ninety two dollars three and two dollars fifteen and we actually now have broken through this weve pushed up and we passed back uh past that 786 area. Now, on that weekly chart, i do want to just kind of note that we are oversold huge potential to grow and every time, if i actually just zoom out here for a second and we take a look at this weekly for one moment right wave two, the Bottom of wave, two oversold good search to the upside for way. Three okay wave four oversold – and we have a good search to the upside in august – now were back in the oversold area, guys were primed and ready for a good surge to the upside, and this could be what really takes us in to those new. All time highs into those fantastic uh, you know price predictions that weve been talking about on this channel once were up in this overall area.

We can be up here for several weeks before we eventually pull back down. Okay, so taking a look at where weve been previously at all these low points on this weekly chart, and we can obviously acknowledge that right now were at the low point, which means were going to be pushing up significantly in terms of that stochastic rsi. Now, when we jump into our daily okay – and the reason i just went back to that weekly is were actually overbought right, so were overbought on our uh daily chart, as we continue to push that price up now. This is an interesting point. We can be up here for a while. If we take a look at this move um in august, we will actually up here for pretty much the majority of august in the saveable area. Weve only just entered this overbought area so were gon na have to monitor that situation, to see whether we can actually go. You know pushing significantly to the upside or whether we actually wipe this stochastic out very very quickly because again um, you can be very, very sharp in terms of wiping out that stochastic rsi and, for example, right here, is a very small correction in terms of price, But we took out that stochastic nicely, okay, so and just because the price is moving up does not mean the stochastic cannot move down. This is all about momentum and the sensitivity to the price movements, and so again we are looking to eventually wipe this out, but we can be up here for a while, which will be fantastic as well.

So do monitor that situation. The fact that the weekly is oversold – and we should start to basically rise this stochastic up nicely and stay up here for a while. Whilst we build up our weekly um stochastic rsi. Okay, at this point were going to jump over to the dashboard for those who do not know, they use artificial intelligence and machine learning to help us understand the underlying value of cryptocurrencies. Now this is important, because this is information that you do not normally find inside the charts at least not easily can be. Can it be seen now if i dot, i o its completely free to use theres a link in the description below if youre not signed up, do go ahead and sign up? I dont think youre going to be disappointed. Now we have cardano here its actually gone down a rating today: okay, its a b2 rating, so something in the underlying data has been picked up by this artificial intelligence that might concern us, so were going to have a look and see whats going on as we Come down we have a fear and greed index as an a2. So basically you can see that we were in an extreme state of fear for cardinal and in the last couple of days, weve. Basically, gods gone from extremely fearful to incredibly greedy, okay, so again thats an interesting kind of metric. It shows us as a positive now. The sharpe ratio, on the other hand, is uh, is an interesting point.

Okay, so were incredibly greedy and the sharp ratio is a c2. This could indicate the profits are going to be taken. Okay and therefore, we might want to kind of wait to see what happens next now, ultimately, our 50 day average, which is our red line and our green, which is our actual sharpe ratio, theyre, actually exactly the same, which means were incredibly neutral. The ai is not saying that the risks outweigh the rewards or the rewards outweigh the risk. Thats completely neutral. At this point in time, uh the ai doesnt really know which way it is likely to go its pretty neutral on that position. So, im personally, looking at the charts, i think we are going to be pushing this sharp ratio into a positive rather than a negative and again we need a little bit more time to see whats going on there now in terms of whats actually affecting the overall Rating its the moving averages, the moving averages are rating of d, which is the worst rating they can be with 10, 50 and 100 days now. This is obvious when we actually start to review the kind of recent sideways trading within the charts. Weve been trading in such a way that it has negatively impacted those moving averages, um again, thats, not the end of the world, and we obviously will correct that. As we progress to the upside um, but we do have to be mindful that a lot of traders will be using simple moving averages, for example, and uh, basically using those as an indicator as to whether or not to short or go long on particular projects.

The profitability is right up. There is an a1 though um. So overall, i think theres a couple of things we need to be aware of and a couple of areas of concern right. First of all, the moving averages uh. We should be concerned over that. But again, i do think that is something thats likely to change within the next few days. So im not overly concerned my more concerned about the sharp ratio considering where it is right now and, of course, the fear and greed index being in a greedy situation. This could be an indication that profits are going to be taken, so we want to be quite mindful over that and we could potentially be expecting a small pullback on the smaller time frames um. But with that being said, lets actually jump back over into the charts. Here and actually go down into an hourly review and again here you can see that we are overbought on our hourly just coming past that 786 and we should be potentially looking for a pullback. The stochastic is in the overall area, so a pullback is something that we could potentially start seeing here and again. What well do is well look for support lines right and obviously we can see that there was resistance up at 229. Thatd be great if we can continue the search to 229 and then pull back and from here we can see historically, where weve pulled back down at two right.

So we can see that the 2.15 – this 786 is a key area for us so and we will button to. We wont want to turn that into a support line before we get up again and a good push to the upside, but we could also find a good area of support just up here as well at about 2.20 and so overall theres. Some interesting kind of moves going on as well for um cardinals good to see this breakout occur, get out of this area. That weve been stuck in for what feels like quite some time and obviously come back down back test to turn to support and then continue that growth overall, okay, so things are starting to heat up when it comes to cardano. The other thing that i wanted to kind of talk to you guys about was a status update from iohk themselves and so the and theres a status update from a couple days ago. Okay, so 5th of november im, not sure how many of you guys have seen this, but basically theres updates to a few things that are going on, and i really wanted to kind of just talk about a couple of things: um, the deadliest wallet, for example. This week the team optimized the ws startup sequence and integrated the latest ledger js and they also started implementing catalyst registration changes and are also uh working on introducing a discrete mode um to hide transaction amounts on and wallet balances right.

So pretty interesting stuff going on. With deadlifts, if you do use that its obviously its quite a heavy duty wallet – and you might want to actually use the euro wallet, if you know youre finding resources being a bit of a problem on your computer, but deadliest wallet is an interesting kind of update. Now um, as we come down, um well just talk about uh a little bit on this side, the networking right. So this week the team completed the uh ipv6 um support for p2p functionality, uh, which is now in review, which is fantastic, worked on the fault counter and also simulated socket tests uh. They continue reviewing the p2p master branch um in particular. Those commits uh that are used by non p2p code and processed um, with the specific review and updating now thats, pretty cool stuff right. So and this week the team also prepared the uh prepared for the node uh version 1.3 release, and the other thing that i really want to kind of talk to you guys about is a couple of things and so the gogan era. So this week the plutus team worked on compiler optimizations for small script output and ran some additional benchmarking tests. They also made small haddock fixes and some organizational changes that make the stack uh more in sync, with the kabul project. So the milo team worked on the education team. Uh also worked with the education team on planning for the marlow pioneers program.

They also applied some fixes to the milo playground, client and worked on the marlo run improvements. So some pretty good updates here for cardani and um. I think this is important that we obviously acknowledge that pretty much. What were waiting for is uh, plutus and all that kind of stuff to actually launch on chains so that we can actually get um. Some of these projects that have been building on cardano across the line once we start seeing that were going to see huge transactional volumes, start to actually come into the ecosystem, which will have a huge impact on the price action of ada as a whole. And so overall everythings actually looking pretty good for cardano again, so some fantastic opportunities to accumulate while were trading sideways. We had the breakout, well see a small pullback. I do anticipate in uh on the smaller timeframes retest in that 2.15 area, and then i do expect us to actually slowly move our way up progressively to new all time highs and obviously take out some of those key areas. And again, i still expect cardinal to be a slow performer and, and with that being said, i mean its going to be one of the last ones in this bull run to go absolutely crazy. I do expect those insane price targets that weve been talking about to actually get hit, and but i do expect them to be next year in quarter one of 2022 and the latter part of this will run after many other altcoins have gone: parabolic, okay, im gon Na leave the video there, if you have found it useful and informative, then do go ahead and hit that like button.

I really do appreciate that, if you happen to be new to the channel, why not go ahead and subscribe tap that bell select all notifications, and in doing so you will be kept up to date with absolutely everything that we do here at cheeky.