Quote of the Day
“It’s hard to see things when you are too close. Take a step back and look.”
― Bob Ross
A lot of people get stuck in the weeds on a lot of things. I have the opposite problem. The details drive me crazy. I love looking at the big picture.
I think that helps me in the markets a lot. Do you find yourself getting chewed up and spit out by the markets? Take a step back and look at the overall picture.
What are you trying to accomplish? Come up with a plan and strategy to accomplish that. Don’t let the 15 minute candles chew you up and spit you out. Trading algorithms are designed to mess with your emotions. It’s hard to see things when you are too close. It applies to paintings and charts.
In The News
Jeffrey Gundlach warned in an interview that the US is on a “Roadmap to Losing Global Reserve Currency Status.” Most people paying attention agree.
Gundlach is not alone. Deloitte did a survey of finance industry executives and 76% of them said that digital assets will replace or rival fiat currencies within 5-10 years.
Cardano Updates
Charles did an update sharing that the Alonzo hard fork is on track, it’s a priority to improve Daedalus performance on Windows, and the monthly Cardano360 update is on Thursday August 26th. Even more updates in the video below.
Cardano ADA was listed on a Japanese cryptocurrency exchange today!
Technical Analysis / Price Discussion
Cardano ADA is working its way through some fib extension levels. It’s common to hit a new level and then pull back to test the prior. $2.47 is the prior all time high and, by extension (LOL), a critical extension level.
I could easily see ADA pulling back to $2.50 level to test as support. However, I wouldn’t count on that as ADA could continue this run higher at a moment’s notice. People day trading in an attempt to increase their ADA balance are taking big risks.
$3.40 is the next extension level on the way up, but as you all know, I’m targeting $3.90 as my first target during this cycle. So I don’t think $3.40 is where things stop.
This newsletter is for entertainment and educational purposes. I’m not a financial advisor and you should do your own research and consult a financial advisor before investing in cryptocurrencies.