Hello friends!
In this video I discuss the recent bottom, downward momentum continuing to be in control, and if a major rally or leg up can be expected soon.
I also spend time in the video giving a bit more information on the multi-timeframe analysis approach while using it to make a forecast for the next 2 weeks.
Bottom in, for now...
After dropping to 1.35 on June 12, ADA has rallied back to the venerable range between 1.50 and 1.60, having found support.
Looking at charts across many timeframes from 1D to 2W, it is likely that 1.35 will be the bottom for the time being. After 1.35, prices only fell to 1.40 on June 13, and since then downward momentum has waned consdierably.
Continuing Risks
ADA's rally does not appear organic, and instead appears to be riding on the rising prices of the broader market. Gains are very mild compared to BTC and other top coins. This reflects the strong downward momentum that ADA is having to overcome in order to make gains.
The 5D, for instance, is still down for the candle, which is due to close later today. If green EMA closes under level 50 while RSI is under level 80 (currently the case), then the nex 5 day interval will see prices gravitating towards the yellow basis (around 1.43) in a narrow trading range due to LSMA near level 50.
The 9D and 10D (6 and 5 days left respectively), continue to show levels that would allow prices to fall to 1.20 or lower. In fact, the 10D will need to see prices around 1.65 or higher in order to prevent the green EMA joining the white EMA under level 50 in the next candle.
Looking futher out at 10D, 2W, and 18D charts, there is a common pattern of all indicators falling with no indication that consolidation is exhausting and reversal is imminent. This does not mean that prices will continue to fall. Prices may not fall lower than the 1.35 level we recently saw, though a drop to 1.20 is quite possible, as is prices at 1.65 or above.
2-Week Trends and Next Rally
Aside from the 8D chart, there is no indication any multi-day charts that consolidation is at a bottom and a reversal is likely in the next 2 weeks.
In the next 2 weeks ADA should be expected to range between 1.20 and 1.75 with an affinity towards the region around 1.50. A break below 1.35 could push prices even lower, and a sustained move above 1.70 could trigger a reversal that allows prices to move up further.
Good luck and good fortune!
In this video I discuss the recent bottom, downward momentum continuing to be in control, and if a major rally or leg up can be expected soon.
I also spend time in the video giving a bit more information on the multi-timeframe analysis approach while using it to make a forecast for the next 2 weeks.
Bottom in, for now...
After dropping to 1.35 on June 12, ADA has rallied back to the venerable range between 1.50 and 1.60, having found support.
Looking at charts across many timeframes from 1D to 2W, it is likely that 1.35 will be the bottom for the time being. After 1.35, prices only fell to 1.40 on June 13, and since then downward momentum has waned consdierably.
Continuing Risks
ADA's rally does not appear organic, and instead appears to be riding on the rising prices of the broader market. Gains are very mild compared to BTC and other top coins. This reflects the strong downward momentum that ADA is having to overcome in order to make gains.
The 5D, for instance, is still down for the candle, which is due to close later today. If green EMA closes under level 50 while RSI is under level 80 (currently the case), then the nex 5 day interval will see prices gravitating towards the yellow basis (around 1.43) in a narrow trading range due to LSMA near level 50.
The 9D and 10D (6 and 5 days left respectively), continue to show levels that would allow prices to fall to 1.20 or lower. In fact, the 10D will need to see prices around 1.65 or higher in order to prevent the green EMA joining the white EMA under level 50 in the next candle.
Looking futher out at 10D, 2W, and 18D charts, there is a common pattern of all indicators falling with no indication that consolidation is exhausting and reversal is imminent. This does not mean that prices will continue to fall. Prices may not fall lower than the 1.35 level we recently saw, though a drop to 1.20 is quite possible, as is prices at 1.65 or above.
2-Week Trends and Next Rally
Aside from the 8D chart, there is no indication any multi-day charts that consolidation is at a bottom and a reversal is likely in the next 2 weeks.
In the next 2 weeks ADA should be expected to range between 1.20 and 1.75 with an affinity towards the region around 1.50. A break below 1.35 could push prices even lower, and a sustained move above 1.70 could trigger a reversal that allows prices to move up further.
Good luck and good fortune!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.