ADA/USD - Today and Consolidation Risk Analysis (increasing)
Hello friends!
In today's video I discuss the daily forecast, but discuss the risk of consolidation that is evident in the 9-day chart.
Today, prices are likely to stay under 1.65, though could rally a bit higher. Prices may range around the 1.60, though there will be increasing pressure for prices to return towards 1.50 or below.
New 2D, 4D, and 5D charts indicate that prices are likely to descend back to the 1.50 level and test support in these timeframes. A break below the 1.50 level would open up prices to fall to 1.40 and then 1.34.
Indicators in these near-term timeframes do not yet confirm consolidation down to 1.20 or 1.15, but such consolidation is not precluded by current levels. In fact, chances are more likely than not that prices will fall.
There are 48 hours left in the 9D chart. A rally to 1.75 and establishing of support at that level would invalidate the risk of further consolidation by causing indicators to bounce at level 50. However, lower timeframes do not suggest such a rally is coming. With only 48 hours left, there is a small window for this to occur.
If prices remain at or below current levels, then it is likely that the 9D will close at levels that make a fall to the yellow basis (~1.14) in the next candle probable.
Of course, news, change in fundamentals, or a major BTC rally could affect this forecast. These are probabilities, and if the 9D closes at current levels a drop in prices to the yellow basis region would be highly likely.
Be patient for the next 48 hours. Until the 9D closes, 1.15 continues to look like the prime entry point (spread your orders above/below). After it closes, it will be possible to make more specific price target predictions.
Good luck and good fortune!
In today's video I discuss the daily forecast, but discuss the risk of consolidation that is evident in the 9-day chart.
Today, prices are likely to stay under 1.65, though could rally a bit higher. Prices may range around the 1.60, though there will be increasing pressure for prices to return towards 1.50 or below.
New 2D, 4D, and 5D charts indicate that prices are likely to descend back to the 1.50 level and test support in these timeframes. A break below the 1.50 level would open up prices to fall to 1.40 and then 1.34.
Indicators in these near-term timeframes do not yet confirm consolidation down to 1.20 or 1.15, but such consolidation is not precluded by current levels. In fact, chances are more likely than not that prices will fall.
There are 48 hours left in the 9D chart. A rally to 1.75 and establishing of support at that level would invalidate the risk of further consolidation by causing indicators to bounce at level 50. However, lower timeframes do not suggest such a rally is coming. With only 48 hours left, there is a small window for this to occur.
If prices remain at or below current levels, then it is likely that the 9D will close at levels that make a fall to the yellow basis (~1.14) in the next candle probable.
Of course, news, change in fundamentals, or a major BTC rally could affect this forecast. These are probabilities, and if the 9D closes at current levels a drop in prices to the yellow basis region would be highly likely.
Be patient for the next 48 hours. Until the 9D closes, 1.15 continues to look like the prime entry point (spread your orders above/below). After it closes, it will be possible to make more specific price target predictions.
Good luck and good fortune!
Comment:
Also, please let me know if you prefer the videos or the text/pictures updates. I tend to use the videos when I'm short on time to write up analysis or I want to discuss in more detail/across timeframes. Both seem to get similar likes and views, but if you have a preference, please let me know your thoughts.
