ADA/USD - Down below 1.32, Risk of falling to 1.11
Hello friends!
As forecast, yesterday started with prices up slightly peaking at 1.60, then fell as low as 1.36. Most of the day was between 1.43 and 1.53. There was enough support at those levels to prevent a drop to lower levels. Today that support may break down.
The pattern in the daily chart is one the usually leads to sustained consolidation to lower lows. Prices could break below 1.30 during the day, or lower, either today or tomorrow. Over the next few days there is a risk of falling to 1.20 or 1.11 unless a rally can slow or reverse the downward momentum.
Overall, downward momentum continues to be in control and looks likely to persist until the end of the month. No signs yet of a reversal.
Intraday/Daily
Summary: 1.43 will again struggle to maintain support, but prices likely to drop towards 1.30 or lower. Next levels down would be 1.28, 1.20, and 1.11
6H - Despite RSI and LSMA rising slightly, both white and green EMAs are falling. Prices likely to between lower white to lower aqua 1.36 to 1.49
12H - Indicators are flat, suggesting sideways price action around the 1.43 region in the first half of the day.
1D - All indicators falling, green EMA close to exceeding white, which would lead to sustained lower lows. Narrowing LSMA will keep prices from falling too far while it is above level 50. Prices may not fall much lower than 1.28.
Next 3 days
Summary: Prices likely to fall to 1.20 region or possibly lower
2D (new) - Green and white EMA firmly below level 50 and falling, while RSI and LSMA descend towards level 50. Prices likely to fall to the lower white B-band (1.20) region
5D (3 days left) - Prices have already wicked to the yellow basis. Without a reversal and upward momentum, prices could fall back to the area around the basis (1.32) or lower.
Next week
With new candles in 24 hours, there will be new data to forecast price action next week. However, the 10D (8 days left) is indicating sideways price action with a downward bias. There is no indication yet in any timeframe that a reversal has started or is imminent.
Good luck and good fortune!
As forecast, yesterday started with prices up slightly peaking at 1.60, then fell as low as 1.36. Most of the day was between 1.43 and 1.53. There was enough support at those levels to prevent a drop to lower levels. Today that support may break down.
The pattern in the daily chart is one the usually leads to sustained consolidation to lower lows. Prices could break below 1.30 during the day, or lower, either today or tomorrow. Over the next few days there is a risk of falling to 1.20 or 1.11 unless a rally can slow or reverse the downward momentum.
Overall, downward momentum continues to be in control and looks likely to persist until the end of the month. No signs yet of a reversal.
Intraday/Daily
Summary: 1.43 will again struggle to maintain support, but prices likely to drop towards 1.30 or lower. Next levels down would be 1.28, 1.20, and 1.11
6H - Despite RSI and LSMA rising slightly, both white and green EMAs are falling. Prices likely to between lower white to lower aqua 1.36 to 1.49
12H - Indicators are flat, suggesting sideways price action around the 1.43 region in the first half of the day.
1D - All indicators falling, green EMA close to exceeding white, which would lead to sustained lower lows. Narrowing LSMA will keep prices from falling too far while it is above level 50. Prices may not fall much lower than 1.28.
Next 3 days
Summary: Prices likely to fall to 1.20 region or possibly lower
2D (new) - Green and white EMA firmly below level 50 and falling, while RSI and LSMA descend towards level 50. Prices likely to fall to the lower white B-band (1.20) region
5D (3 days left) - Prices have already wicked to the yellow basis. Without a reversal and upward momentum, prices could fall back to the area around the basis (1.32) or lower.
Next week
With new candles in 24 hours, there will be new data to forecast price action next week. However, the 10D (8 days left) is indicating sideways price action with a downward bias. There is no indication yet in any timeframe that a reversal has started or is imminent.
Good luck and good fortune!
Comment:
Update: Prices have fallen to 1.11 and tried to bounce back. In the 12H, indicators continue to make a sustained downward trajectory. If 1.11 cannot hold, then expect prices to test the region between 1.03-0.97. Support around 1.00 is usually strong, but there is a notable risk that prices may break 1.00 and fall to .92 or .88 (lower orange B-band in 12H), but such a drop may be temporary.