ADA/USD Looking for bottom, 1.43 key, 1.00 possible again
Hello friends!
This will be a quick update, as I am short on time.
Yesterday saw a massive selloff with prices dropping more than 50% from 2.03 to 1.01 before rebounding. Unfortunately, the outlook is for further consolidation today and downward pressure to prevail for the next 2-3 days.
Daily/intraday
In the 12H, the LSMA has crossed below level 50, which will further expand the Bollinger bands, while the RSI continues to descend and white and green EMA's are very low. Prices are likely to range between the lower aqua to lower orange B-bands (1.46 to 1.18), though another wick down could test 1.00 again.
The daily is in a pattern very similar to April 20, where prices wicked down to 1.12. Another selloff could send prices to 1.00 again, but prices look to remain between the lower white and lower aqua B-bands (1.40 to 1.21) with wicks above and below those levels.
Moreover, 1.43 will be the price to watch. A close below that will likely send prices down to 1.00 over the next 2-3 days, while a close above it may further downward price action.
Near-term (Rest of this week)
ADA and other crypto assets will be searching for a bottom in the next 24-48 hours. Prices will be volatile until the bottom is in. It is too early to tell where ADA will reverse, but is is likely between 1.43 and 1.00.
Mid-term (1-2 weeks)
ADA's next leg up is off the table at this point. Indicators in all timeframes, up to 2 weeks out are showing downward momentum at this point. Thus, a quick rebound may not be likely. Until the bottom is in, signals are too noisy to determine when ADA will be hitting a new ATH.
Good luck and good fortune!
This will be a quick update, as I am short on time.
Yesterday saw a massive selloff with prices dropping more than 50% from 2.03 to 1.01 before rebounding. Unfortunately, the outlook is for further consolidation today and downward pressure to prevail for the next 2-3 days.
Daily/intraday
In the 12H, the LSMA has crossed below level 50, which will further expand the Bollinger bands, while the RSI continues to descend and white and green EMA's are very low. Prices are likely to range between the lower aqua to lower orange B-bands (1.46 to 1.18), though another wick down could test 1.00 again.
The daily is in a pattern very similar to April 20, where prices wicked down to 1.12. Another selloff could send prices to 1.00 again, but prices look to remain between the lower white and lower aqua B-bands (1.40 to 1.21) with wicks above and below those levels.
Moreover, 1.43 will be the price to watch. A close below that will likely send prices down to 1.00 over the next 2-3 days, while a close above it may further downward price action.
Near-term (Rest of this week)
ADA and other crypto assets will be searching for a bottom in the next 24-48 hours. Prices will be volatile until the bottom is in. It is too early to tell where ADA will reverse, but is is likely between 1.43 and 1.00.
Mid-term (1-2 weeks)
ADA's next leg up is off the table at this point. Indicators in all timeframes, up to 2 weeks out are showing downward momentum at this point. Thus, a quick rebound may not be likely. Until the bottom is in, signals are too noisy to determine when ADA will be hitting a new ATH.
Good luck and good fortune!
A break above 2.00 is possible, but may not hold. The 6H chart is showing weakness and slowing in the upward momentum right now when prices are at 1.90.
The most likely scenario currently is rejection at or near 2.00 and a retracement lower, though not as low as 1.43. Prices may only drop to the 1.60-1.65 region and would not stay there very long.