ADA/USD - Macro Bottom Potentially Forming, Bullish Outlook
Hello friends!
Today there are several new candles to take a look at. The picture remains complicated, but there are reasons to be optimistic and possibilities for accumulating more at a discount before reversal. The next 9 days will be interesting.
Yesterday's forecast was for prices to fall as low as 1.25. Prices did not fall that far, finding support at 1.30. Following the bottom, ADA rallied nicely up to 1.46 before giving up some of the gains.
This move has turned around intraday indicators to a much more bullish pattern, which will be needed to overcome the downward momentum in the 3-7 day period. However, the new 9D chart and 10D chart (9 days left) are suggesting a bottom is forming and a reversal may come at the end of the month that will push prices back towards 1.60 or above, and set up larger gains in early July.
Intraday
Summary: Likely continued upward rise towards 1.47 if the broader market does not pull down prices
3H - The day starts with green and white EMA's falling but RSI and LSMA continuing to rise. Prices may test 1.40 but sustained upward momentum may be coming
6H - The first 6 hours see LSMA and RSI rising. B-bands are narrowing and overall pressure is upward. Prices should gravitate towards 1.45
12H - The first half of the day has upward momentum in control now that green EMA has closed above RSI and LSMA. A rise in prices during the first 12H of the day (e.g, back towards 1.45) could raise the green EMA above level 50 before the candle closes. This could then push prices to 1.46 or above.
1D - The overall picture for the daily is mixed with an upward bias. Green and white EMA's are rising but green has not yet crossed above RSI and LSMA. They are still descending. Rising prices during the day could cause the green EMA to touch the RSI, which would set up tomorrow for further gains.
New 3D Chart
The new 3D chart shows all indicators falling, but very shallow in their descent with LSMA at level 50 and RSI only slighty below. With B-bands very narrow, downside will be quite limited, and likely not much below the lower white B-band (1.38).
Rising prices in the intraday and tomorrow could cause the indicators to bottom out in the next candle.
New 1W, 9D Charts
Summary: Risk of consolidation back down to 1.30 in 1W, but 9D showing bottom and 10D suggesting prices rising towards 1.57
1W - The new weekly chart looks like prices will fall towards the lower white B-band (1.04). This is possible, but there are suggestions in the indicators that prices may not fall much lower than 1.30 in the worst case. A rise in prices in the next two days may reduce the downward angle of the green EMA. RSI and LSMA are still above level 50. Prices will want to stay in the region of the yellow basis (1.35). There may be an opportunity to accumulate more if prices test 1.30, otherwise, prices remaining above 1.43 could lead to a bottoming late in the candle or next.
9D - RSI and LSMA are descending in the new 9D candle, but white EMA has flattened out and green EMA is close to flattening (and may be flat in the next few days). This suggests that a bottom may be forming. Prices could still drop towards 1.25, but short-term rising prices could lead prices back above 1.50 and be set up to go to the upper white B-band (1.63) later in the candle or next candle.
10D - with 9 days left, the 10D candle is continuing to show signs of a bounce. White EMA is now slightly rising while green continues to rise above level 50. With RSI and LSMA still high, prices have a strong chance of rising to the upper white B-band (1.57).
Good luck and good fortune!
Today there are several new candles to take a look at. The picture remains complicated, but there are reasons to be optimistic and possibilities for accumulating more at a discount before reversal. The next 9 days will be interesting.
Yesterday's forecast was for prices to fall as low as 1.25. Prices did not fall that far, finding support at 1.30. Following the bottom, ADA rallied nicely up to 1.46 before giving up some of the gains.
This move has turned around intraday indicators to a much more bullish pattern, which will be needed to overcome the downward momentum in the 3-7 day period. However, the new 9D chart and 10D chart (9 days left) are suggesting a bottom is forming and a reversal may come at the end of the month that will push prices back towards 1.60 or above, and set up larger gains in early July.
Intraday
Summary: Likely continued upward rise towards 1.47 if the broader market does not pull down prices
3H - The day starts with green and white EMA's falling but RSI and LSMA continuing to rise. Prices may test 1.40 but sustained upward momentum may be coming
6H - The first 6 hours see LSMA and RSI rising. B-bands are narrowing and overall pressure is upward. Prices should gravitate towards 1.45
12H - The first half of the day has upward momentum in control now that green EMA has closed above RSI and LSMA. A rise in prices during the first 12H of the day (e.g, back towards 1.45) could raise the green EMA above level 50 before the candle closes. This could then push prices to 1.46 or above.
1D - The overall picture for the daily is mixed with an upward bias. Green and white EMA's are rising but green has not yet crossed above RSI and LSMA. They are still descending. Rising prices during the day could cause the green EMA to touch the RSI, which would set up tomorrow for further gains.
New 3D Chart
The new 3D chart shows all indicators falling, but very shallow in their descent with LSMA at level 50 and RSI only slighty below. With B-bands very narrow, downside will be quite limited, and likely not much below the lower white B-band (1.38).
Rising prices in the intraday and tomorrow could cause the indicators to bottom out in the next candle.
New 1W, 9D Charts
Summary: Risk of consolidation back down to 1.30 in 1W, but 9D showing bottom and 10D suggesting prices rising towards 1.57
1W - The new weekly chart looks like prices will fall towards the lower white B-band (1.04). This is possible, but there are suggestions in the indicators that prices may not fall much lower than 1.30 in the worst case. A rise in prices in the next two days may reduce the downward angle of the green EMA. RSI and LSMA are still above level 50. Prices will want to stay in the region of the yellow basis (1.35). There may be an opportunity to accumulate more if prices test 1.30, otherwise, prices remaining above 1.43 could lead to a bottoming late in the candle or next.
9D - RSI and LSMA are descending in the new 9D candle, but white EMA has flattened out and green EMA is close to flattening (and may be flat in the next few days). This suggests that a bottom may be forming. Prices could still drop towards 1.25, but short-term rising prices could lead prices back above 1.50 and be set up to go to the upper white B-band (1.63) later in the candle or next candle.
10D - with 9 days left, the 10D candle is continuing to show signs of a bounce. White EMA is now slightly rising while green continues to rise above level 50. With RSI and LSMA still high, prices have a strong chance of rising to the upper white B-band (1.57).
Good luck and good fortune!
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