ADA/USD - Consolidation, weakness, indecision sets in
Hello friends!
As forecast, 1.70 level was not sustainable and there was not enough upward pressure to move higher. Yesterday prices tested 1.55 and broke below it to near 1.44 (1.45) as expected.
During the day ADA did try to regain the 1.55 level but instead bounced and headed lower again, validating the start of a consolidation period.
Today, the consolidation continues with further fall in prices likely, as support at 1.50-1.55 is weak. For the next several days expect indecision with prices oscillating between consolidation to lower levels and ADA trying to establish support at 1.44, 1.50, or 1.55.
Intraday/Daily
Summary: Support at 1.50 possible but unlikely, prices likely to test 1.44 and go lower
3H - The day will start with ADA trying to find support at 1.50 with mixed signals. LSMA continuing to drop will pull down on prices while also expanding the Bollinger bands, allowing prices to fall further if 1.50 does not hold, which is more likely than not. Expect prices to return to the 1.45 region.
6H - B-bands are narrow while RSI and green EMA move to lower levels. Green EMA lower than white EMA means lower lows are likely. Green EMA turning up and crossing the RSI looks like prices may want to stay above 1.50 and go a bit higher, but this is not supported in other timeframes. Prices likely to move towards the lower aqua B-band (1.42) if 1.50 does not hold.
12H - The 12H is establishing a pattern with RSI below 50 and LSMA dropping, expanding B-bands, while green and white EMAs are below level 50. This could keep prices sideways with a downward bias, around the lower white B-band, but this often results in a larger breakdown in prices that could send prices to the lower aqua B-band (1.32) or lower towards 1.20 in the next 1-3 candles.
1D - Green closed below RSI and LSMA, meaning downward momentum is in control. LSMA below level 50 means expanding B-bands, allowing a wider range of price action. Green EMA below white EMA usually means lower lows, which puts prices in the lower aqua B-band (1.30) in play, or lower towards 1.20 or even 1.15.
Multiday (next 4-5 days)
Summary: New candles show indecision with a downward bias. Sideways unless further consolidation in the short-term.
2D (new) - Green is above falling RSI, but could easily change to downward trend if 1.50 does not hold in this new candle. With most indicators around level 50, prices are likely to stay around the 1.50-1.55 region, but could break down towards lower white B-band (1.26), even if temporarily. Note that it may not drop that far if support is found at 1.44 or 1.34.
4D (new) - Green EMA did close slightly below level 50, which indicates pressure for prices to fall towards the yellow basis at 1.40. At the start of this new candle, green is slightly up while all other indicators are down. This suggests a certain level of indifference that may change if 1.50 does not hold in the short-term. Prices may remain generally flat in the 1.50-1.55 region, but very easily could fall to 1.40 with a wick below.
9D (5 days left) - All indicators are heading down, and green EMA is nearing level 50 (currently level 59). Green is not low enough for prices to fall to the yellow basis (about 1.00) at the end of the current candle or next candle, but consolidation over the next few days could put it in that position. Conversely, if ADA were to rally in the next 5 days, then the green EMA could bounce above level 50 in the June 3-11 candle, setting the stage for a reversal.
Good luck and good fortune!
As forecast, 1.70 level was not sustainable and there was not enough upward pressure to move higher. Yesterday prices tested 1.55 and broke below it to near 1.44 (1.45) as expected.
During the day ADA did try to regain the 1.55 level but instead bounced and headed lower again, validating the start of a consolidation period.
Today, the consolidation continues with further fall in prices likely, as support at 1.50-1.55 is weak. For the next several days expect indecision with prices oscillating between consolidation to lower levels and ADA trying to establish support at 1.44, 1.50, or 1.55.
Intraday/Daily
Summary: Support at 1.50 possible but unlikely, prices likely to test 1.44 and go lower
3H - The day will start with ADA trying to find support at 1.50 with mixed signals. LSMA continuing to drop will pull down on prices while also expanding the Bollinger bands, allowing prices to fall further if 1.50 does not hold, which is more likely than not. Expect prices to return to the 1.45 region.
6H - B-bands are narrow while RSI and green EMA move to lower levels. Green EMA lower than white EMA means lower lows are likely. Green EMA turning up and crossing the RSI looks like prices may want to stay above 1.50 and go a bit higher, but this is not supported in other timeframes. Prices likely to move towards the lower aqua B-band (1.42) if 1.50 does not hold.
12H - The 12H is establishing a pattern with RSI below 50 and LSMA dropping, expanding B-bands, while green and white EMAs are below level 50. This could keep prices sideways with a downward bias, around the lower white B-band, but this often results in a larger breakdown in prices that could send prices to the lower aqua B-band (1.32) or lower towards 1.20 in the next 1-3 candles.
1D - Green closed below RSI and LSMA, meaning downward momentum is in control. LSMA below level 50 means expanding B-bands, allowing a wider range of price action. Green EMA below white EMA usually means lower lows, which puts prices in the lower aqua B-band (1.30) in play, or lower towards 1.20 or even 1.15.
Multiday (next 4-5 days)
Summary: New candles show indecision with a downward bias. Sideways unless further consolidation in the short-term.
2D (new) - Green is above falling RSI, but could easily change to downward trend if 1.50 does not hold in this new candle. With most indicators around level 50, prices are likely to stay around the 1.50-1.55 region, but could break down towards lower white B-band (1.26), even if temporarily. Note that it may not drop that far if support is found at 1.44 or 1.34.
4D (new) - Green EMA did close slightly below level 50, which indicates pressure for prices to fall towards the yellow basis at 1.40. At the start of this new candle, green is slightly up while all other indicators are down. This suggests a certain level of indifference that may change if 1.50 does not hold in the short-term. Prices may remain generally flat in the 1.50-1.55 region, but very easily could fall to 1.40 with a wick below.
9D (5 days left) - All indicators are heading down, and green EMA is nearing level 50 (currently level 59). Green is not low enough for prices to fall to the yellow basis (about 1.00) at the end of the current candle or next candle, but consolidation over the next few days could put it in that position. Conversely, if ADA were to rally in the next 5 days, then the green EMA could bounce above level 50 in the June 3-11 candle, setting the stage for a reversal.
Good luck and good fortune!
ADA was unable to establish/maintain support at 1.55, 1.50 or 1.44. Currently ADA is looking to establish support around 1.34, but this looks unlikely. Indicators in the 6H and 12H suggest prices falling below 1.30 to 1.25 or 1.20 in the remainder of the day.