Yesterday's forecast did not play out as expected. The broader market rebound was stronger than indicated, bringing prices to 1.31 before falling back towards 1.20, a bit higher than yesterday's close of 1.16. Support has been holding at 1.20 with prices ranging between 1.20 and 1.25, but ADA has been unable to find lasting support at 1.25.
In this video I talk about today's forecast (up to 1.30, but a downward bias that is likely to test 1.20) and the next 72 hours, which looks to be volatile with prices likely to descend at least to 1.15 and another test of 1.00 possible.
Bottom line: we cannot call the bottom being in, and if 1.00 is tested again, it presents an attractive buying opportunity.
I also discuss some tips on technical analysis using the Phoenix Ascending and Bollinger Band indicators. Specifically, LSMA's relationship with Bollinger Band expansion/contraction and using adjacent timeframes to gauge the probability of a pattern (e.g., prices moving to the yellow basis line).
Please let me know if there are other tips or aspects of the indicators that you would like me to cover and I will try to work them into my next videos.
@CASTECHONE, Thanks again. As my schedule gets quite bust as July approaches, I'm finding it more difficult to spend as much time on this as I would like. Maybe that's why the last few forecasts haven't been as accurate?? But, your tip definitely helps me keep up the motivation to manage my time and keep posting updates and videos. Much appreciated!
tcblue
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I went pro just in time to watch ALL of the timeframes -except daily- showing upward momentum and strength. Frustrating. Thanks for the update.
c3l3x
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@tcblue, Hang in there. ADA is not out of the woods yet. I suspect the next couple of weeks will be volatile. There aren't attractive prices right now, but more chances are likely to come. Looking out more than a couple of days, ADA is stil in a pattern of lower highs. This recent bounce may top out only around 1.40-1.45 before heading back down again.
sherryrx
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Love these great explanations. I don't know what to ask for but I always learn new things when you put out a video. We appreciate you giving us some of your time every day. Many blessings to you!
c3l3x
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@sherryrx, Thank you. It makes me happy that you're finding the videos instructional. I'll try to make more and include tips in each one. If you do have a question or suggestion, I'm always open to hear it.