ADA/USD - Upward Momentum Broken, 1.20 Test Soon
Hello friends!
ADA price action was as expected yesterday, with pricing topping at just under 1.40 and then descending to test 1.30. Once it broke down 1.30, around mid-day, ADA was unable to regain 1.30 and ranged between 1.24 and 1.30.
With ADA unable to capture 1.40 and upward momentum exhausted, downward momentum looks to take control again in the daily, and has already done so in the 12H. As expected, the LSMA could not reach level 50 in either the 12H or 1D, and has again turned down, which may allow the B-bands to open back up leading to wider price action.
With green EMA lower than white in 12H and 1D and LSMA flat, there is growing potential for prices to resume a downward trend. Prices will need to rally to 1.40 or above to avoid this.
The new 2D and 4D charts are also precarious. Prices have risen slightly and green EMA is trending up, but upward momentum is very weak while the LSMA continues to descend. If ADA cannot hold 1.20, there is increasing risk of prices falling towards 1.11 in the next few days.
Intraday
Summary: Ranged action between 1.20 and 1.30 testing in both directions with downward bias
3H - Despite the green EMA having being above the RSI, green is well below the white EMA. White EMA could cross above level 50 early in the day, allowing green to come up an test 1.30
6H - Sideways action with a downside bias is likely with the first 6H candle of the day. White EMA is very low, but starting to come up slightly. Green EMA may flatten if prices rise early in the day. LSMA has not crossed below level 50, which will limit downside. Prices could test 1.30, but are more likely to trend towards the lower white B-band (1.20) where support will be tested.
12H - Downward momentum is in control with green EMA having closed below the RSI and now below LSMA. Green is lower than white EMA, which has the potential to lead to lower lows. RSI and LSMA are flat, but without a rally in the first half of the day, they are likely to turn down in the second half of the day. This could expand the B-bands and allow for lower prices. Expect prices to push down towards the lower white B-band in ranged action the first half of the day.
1D - Daily chart shows white EMA falling and green reversing before it could reach level 50. LSMA is mostly flat. Prices could test 1.30 above and 1.20 below in ranged action, with a downward bias.
New 2D, 4D Charts
2D - White EMA has slightly crossed above level 50 while green EMA closed above LSMA and RSI. LSMA continues to fall, while RSI is flat. This will limit any upside. The weak upward momentum and green far under white EMA risks prices moving down below the lower aqua B-band (1.22)
4D - White EMA is rising but faster than the green EMA, which could lead the green EMA to rise slower or go sideways. In that case, lower lows would be predicted. Meanwhile the RSI and LSMA continue to fall. B-bands are likely to expand without a rally. Prices are likely fall below the lower white B-band (1.23) and towards the lower aqua (1.06) without a rally, though falling to that level may not occur until the next candle.
Good luck and good fortune!
ADA price action was as expected yesterday, with pricing topping at just under 1.40 and then descending to test 1.30. Once it broke down 1.30, around mid-day, ADA was unable to regain 1.30 and ranged between 1.24 and 1.30.
With ADA unable to capture 1.40 and upward momentum exhausted, downward momentum looks to take control again in the daily, and has already done so in the 12H. As expected, the LSMA could not reach level 50 in either the 12H or 1D, and has again turned down, which may allow the B-bands to open back up leading to wider price action.
With green EMA lower than white in 12H and 1D and LSMA flat, there is growing potential for prices to resume a downward trend. Prices will need to rally to 1.40 or above to avoid this.
The new 2D and 4D charts are also precarious. Prices have risen slightly and green EMA is trending up, but upward momentum is very weak while the LSMA continues to descend. If ADA cannot hold 1.20, there is increasing risk of prices falling towards 1.11 in the next few days.
Intraday
Summary: Ranged action between 1.20 and 1.30 testing in both directions with downward bias
3H - Despite the green EMA having being above the RSI, green is well below the white EMA. White EMA could cross above level 50 early in the day, allowing green to come up an test 1.30
6H - Sideways action with a downside bias is likely with the first 6H candle of the day. White EMA is very low, but starting to come up slightly. Green EMA may flatten if prices rise early in the day. LSMA has not crossed below level 50, which will limit downside. Prices could test 1.30, but are more likely to trend towards the lower white B-band (1.20) where support will be tested.
12H - Downward momentum is in control with green EMA having closed below the RSI and now below LSMA. Green is lower than white EMA, which has the potential to lead to lower lows. RSI and LSMA are flat, but without a rally in the first half of the day, they are likely to turn down in the second half of the day. This could expand the B-bands and allow for lower prices. Expect prices to push down towards the lower white B-band in ranged action the first half of the day.
1D - Daily chart shows white EMA falling and green reversing before it could reach level 50. LSMA is mostly flat. Prices could test 1.30 above and 1.20 below in ranged action, with a downward bias.
New 2D, 4D Charts
2D - White EMA has slightly crossed above level 50 while green EMA closed above LSMA and RSI. LSMA continues to fall, while RSI is flat. This will limit any upside. The weak upward momentum and green far under white EMA risks prices moving down below the lower aqua B-band (1.22)
4D - White EMA is rising but faster than the green EMA, which could lead the green EMA to rise slower or go sideways. In that case, lower lows would be predicted. Meanwhile the RSI and LSMA continue to fall. B-bands are likely to expand without a rally. Prices are likely fall below the lower white B-band (1.23) and towards the lower aqua (1.06) without a rally, though falling to that level may not occur until the next candle.
Good luck and good fortune!
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