Following a brief attempt to break out of the sideways channel two days ago, BTC's drop in value has sent altcoin prices falling across the board. ADA dipped to 1.16 before slowly climbing back to the venerable 1.18 region.
Today looks to be a bit more downside with 1.11 possible, but primarily lingering around the 1.18 level. Sideways action appears likely to continue for the next several days unless we see broader market changes or a fundamental event.
Despite how frustrating ADA's price action is, the recent rejected breakout signals that we are not at the bottom of this consolidation yet. Looking at longer timeframes suggests that a bottom may not be until later this month, and sideways action with prevail until then.
Intraday/Daily
Summary: Drop to 1.15 probable, and 1.11 possible, but generally sideways around 1.18
Multiday (next 3 days)
Summary: Mostly sideways around 1.18 fib with a slight downward bias
Weekly (next 4 days)
Very little has changed. RSI, LSMA, and green EMA are all continuing their descent towards level 50 basis, showing decreasing upward momentum. The white EMA is still well under 50 with downward momentum flattening out. Together these are keeping prices sideways while limiting potential upside. Prices will likely remain between the upper white and aqua B-Bands (1.11 to 1.38), and most likely towards the bottom of that range.
Good luck and good fortune!
Today looks to be a bit more downside with 1.11 possible, but primarily lingering around the 1.18 level. Sideways action appears likely to continue for the next several days unless we see broader market changes or a fundamental event.
Despite how frustrating ADA's price action is, the recent rejected breakout signals that we are not at the bottom of this consolidation yet. Looking at longer timeframes suggests that a bottom may not be until later this month, and sideways action with prevail until then.
Intraday/Daily
Summary: Drop to 1.15 probable, and 1.11 possible, but generally sideways around 1.18
- 3H - LSMA crossing below level 50 will open up B-bands, and strong downward pressure will move prices to lower aqua to lower orange B-bands (1.163 to 1.13), and possibly touch the 1.11 fib
- 6H - green EMA within the white EMA while RSI and LSMA at 50 limits downward price action, but prices likely to continue down to 1.15 (lower aqua B-Band)
- 12H - Similar to 6H
- 1D - With LSMA and RSI above 50, range likely to be between 1.155 and 1.21 (yellow basis line region), with wicks slightly above/below possible.
Multiday (next 3 days)
Summary: Mostly sideways around 1.18 fib with a slight downward bias
- 2D (next 1 day) - Upward momentum has mostly evaporated. LSMA remains flat under level 50 and the green EMA has crossed below level 50. At this rate, upward momentum would convert to downward momentum by the next candle starting in 1 day. Price action should remain around 1.18
- 3D (next 2 days) - Green EMA has crossed below descending LSMA and RSI while white EMA is at level 50, indicating momentum has now turned downward. Given the close proximity of the indicators to the level 50 basis, prices are likely to remain sideways between 1.15 and 1.25, with a bias to the low end
- 4D (next 3 days) - Similar to the 3D chart with all indicators very flat, indicating sideways movement around the 1.18 level and a range of 1.11 to 1.25
- 5D (next 3 days) - The 5D differs from the 4D showing more upward pressure with the green EMA having crossed above the red RSI suggesting prices center around the upper white Bollinger band, currently at 1.22 and possible wicks above that. However, the flat or down trend in lower timeframes suggests that a spike above 1.25 is unlikely without an external event or broad market rally.
Weekly (next 4 days)
Very little has changed. RSI, LSMA, and green EMA are all continuing their descent towards level 50 basis, showing decreasing upward momentum. The white EMA is still well under 50 with downward momentum flattening out. Together these are keeping prices sideways while limiting potential upside. Prices will likely remain between the upper white and aqua B-Bands (1.11 to 1.38), and most likely towards the bottom of that range.
Good luck and good fortune!