ADA/USD - 12H Continued down, 1.28 possible, 24-48 hours more
Hello friends!
Here is a mid-day update on this day of major price action.
Looking at the new 12H candle (2nd half of this trading day), it is clear that downward momentum is strong and will continue for at least the next 2-3 12H candles (24-36 hours).
Support has not been strong enough to slow descent at 1.60. Support may form around 1.50, but prices below that should be expected.
Key level to be watching is 1.41 and below that 1.34 and 1.28.
Charts in the 3-day and beyond still suggest that this retracement is temporary, but it may take several days to mount a rally back above 2.00.
Good luck and good fortune!
Here is a mid-day update on this day of major price action.
Looking at the new 12H candle (2nd half of this trading day), it is clear that downward momentum is strong and will continue for at least the next 2-3 12H candles (24-36 hours).
Support has not been strong enough to slow descent at 1.60. Support may form around 1.50, but prices below that should be expected.
Key level to be watching is 1.41 and below that 1.34 and 1.28.
Charts in the 3-day and beyond still suggest that this retracement is temporary, but it may take several days to mount a rally back above 2.00.
Good luck and good fortune!
Comment:
Update: Shortly after posting this idea, prices quickly fell through 1.40 to 1.01. There appears to be decent support at 1.00 that may limit further descent. If 1.00 does not hold, then 0.89 would be the next level to watch.
