ADA/USD - Consolidation underway, Risk of 1.00 next week, TA tip

Hello friends!

Yesterday's forecast was for prices to fall to 1.41, which it did after support at 1.50 was broken. Sustained consolidation has set in as expected.

In today's video I look at today's price action, the next 2-3 days, and then longer timeframes. I also discuss the importance of analysis over multiple timeframes using the 6-day chart as an example.

Today, there are signs that downward price action could slow in the 3H and 6H, but the 12H and daily indicate that prices are likely to continue to lower lows with the next target being 1.34. Without a rally this is likely to be reached today or tomorrow.

Over the next 2-3 days downward momentum will continue, but B-bands have not expanded yet (e.g., in the 3D), and thus prices may not be ready to fall below 1.34.

Beyond the next 2-3 days, the 9D has closed below level 50. The yellow basis is at 1.09, and thus it is probable that prices will fall to the area around 1.09 in the next week. It may take a few days for B-bands to expand enough to get to those levels. Also, prices at the yellow basis is a region. If downward pressure were to slow, then prices may only drop to 1.15 or 1.11. However, continued consolidation could push prices to the 1.00 level within the next 7-9 days.

Indicators are not suggesting a sustained drop below 1.00 (though a short-term dip is possible). 1.00 has been a strong level of support in the past, and is likely to provide support again. The buy zone between 1.00 and 1.15 will be particularly attractive.

Good luck and good fortune!