As suggested in my previous idea, ADA/USDT has broken down from the 1.11 support level (and its descending triangle). Prices are now in a new region between 1.00 and 1.08. The 1.11 level has now become resistance and may be tested, but prices will likely stay in this new region for several days with a bias towards the downside.
Short-term (intraday)
Intraday timeframes show continued downward momentum to lower lows, though in 6H and 12H charts the Bollinger bands are not expanding as they are in the 90m and 3H, suggesting that prices may fall a bit lower then settle into this new channel between 1.00 and 1.08. Key levels here are 1.08 at the top, the 1.05 psychological level, 1.035 fib, and of course 1.00 at the bottom. A serious test of 1.00 does not look likely in the current day.
Near-term (this week)
In the 1D, all indicators are low and heading lower, except a slight uptick in the white EMA. This points to lower lows in the coming day, just as in the intraday.
The 3D (below) continues to be most interesting. With less than 24 hours left in the current candle, the green EMA is at level 56 and white EMA is below level 50. Unless there is a significant reversal in the next 24 hours, it looks highly probable that the green EMA will cross below level 50 in the next 3 day candle. If it does cross below 50 (and in particular closes below), then we are very likely to see prices hit 1.00 and maybe a bit lower. This is very similar to the August 19, 2020 5D candle.
Extrapolating the 5D (below) shows increasing risk of dropping well below 1.00 before a reversal in April. Prior to the Coinbase listing spike last week, the white EMA was coming up towards level 50, but is now descending again to a lower level, while all other indicators continue a steady descent. If this trend continues, ADA may drop as low as 0.75 to 0.80 in the March 27-31 interval before mounting a reversal.
Good luck and good fortune!
Short-term (intraday)
Intraday timeframes show continued downward momentum to lower lows, though in 6H and 12H charts the Bollinger bands are not expanding as they are in the 90m and 3H, suggesting that prices may fall a bit lower then settle into this new channel between 1.00 and 1.08. Key levels here are 1.08 at the top, the 1.05 psychological level, 1.035 fib, and of course 1.00 at the bottom. A serious test of 1.00 does not look likely in the current day.
Near-term (this week)
In the 1D, all indicators are low and heading lower, except a slight uptick in the white EMA. This points to lower lows in the coming day, just as in the intraday.
The 3D (below) continues to be most interesting. With less than 24 hours left in the current candle, the green EMA is at level 56 and white EMA is below level 50. Unless there is a significant reversal in the next 24 hours, it looks highly probable that the green EMA will cross below level 50 in the next 3 day candle. If it does cross below 50 (and in particular closes below), then we are very likely to see prices hit 1.00 and maybe a bit lower. This is very similar to the August 19, 2020 5D candle.
Extrapolating the 5D (below) shows increasing risk of dropping well below 1.00 before a reversal in April. Prior to the Coinbase listing spike last week, the white EMA was coming up towards level 50, but is now descending again to a lower level, while all other indicators continue a steady descent. If this trend continues, ADA may drop as low as 0.75 to 0.80 in the March 27-31 interval before mounting a reversal.
Good luck and good fortune!
Comment:
Quick update: The bulls are trying to regain the 1.11 fib. It is possible that 1.11 could be regained in the short-term, but upward pressure is limited and likely will not last. An external factor that may influence prices is the BTC options expiry tomorrow. Expect potential volatility.