Update 4: ADA USDT Retracing to 1.00 before heading to ATH
ADA/USDT continues to mostly move sideways. In the short-term prices have come up to test 1.20, but appear unlikely to break the resistance at this level. If it does, then 1.25 and then 1.30 would be the next targets. However, on low volume and momentum, this does not look like a breakout to the upside yet.
Short-term timeframes (90m to 12H) look sideways, but further out the prospect of deeper correction continues to growg. ADA has shown resilience in staying above the 1.11 fib, but not enough momentum to break higher than the 1.20 resistance level. This is leading to exhaustion, which can be seen in the 3D chart.
In the 3D chart we can see that the indicators are continuing to move downward and upward momentum is fading. With these indicators, when the Green EMA line closes below 50 while RSI and the Blue EMA are less than 80, the odds are high that the price in the following candle will go to/near the 20-interval MA (yellow dotted basis), which looks like it will be around 0.80 in the 3D candle after the current one. There may not be enough momentum to go as low as .80, but below 1.00 is likely in this scenario, with a wick to around .90.
There is still a chance of a break out above 1.20, even if for a short period, and this sideways channel may continue to frustrate by taking longer. Patience continues to be key in the next 24-72 hours. Be cautious taking a margin long position at this point.
Good luck
Short-term timeframes (90m to 12H) look sideways, but further out the prospect of deeper correction continues to growg. ADA has shown resilience in staying above the 1.11 fib, but not enough momentum to break higher than the 1.20 resistance level. This is leading to exhaustion, which can be seen in the 3D chart.
In the 3D chart we can see that the indicators are continuing to move downward and upward momentum is fading. With these indicators, when the Green EMA line closes below 50 while RSI and the Blue EMA are less than 80, the odds are high that the price in the following candle will go to/near the 20-interval MA (yellow dotted basis), which looks like it will be around 0.80 in the 3D candle after the current one. There may not be enough momentum to go as low as .80, but below 1.00 is likely in this scenario, with a wick to around .90.
There is still a chance of a break out above 1.20, even if for a short period, and this sideways channel may continue to frustrate by taking longer. Patience continues to be key in the next 24-72 hours. Be cautious taking a margin long position at this point.
Good luck
Comment:
Also, note the similarities between the current indicators and those of December 8, 2020. In that candle we did not go all the way to the basis, but we came close in the wick. We could see a similar pattern in the next several days.
Comment:
Quick update that we did not break 1.20, as expected. We have dropped to 1.11 briefly, but expect more tests of support at that level soon. The 12H and 1D are both showing continued downward momentum. No change to the outlook in the 3D candle.
Comment:
Breakout downward may be imminent in the next 12 hours. We are currently testing the 1.11 fib on decreasing volume. The 12H Bollinger Bands look to expand in the next candle, and downward momentum persists in 90m to 1D timeframes. Keep an eye out for a move down to around 1.03 or lower