ADA/USD April 13 - 60% chance of Breakout above 1.34
As forecast, yesterday ADA/USD rallied to 1.31+, touching the top of the channel at the 1.34 fib (but not breaking out) before retracing to 1.26 and then regaining the 1.30 region.
In this update I will only look at the next 24 hours, as I have a bigger update planned for tomorrow and I am short on time.
Intraday (next 24 hours)
Summary: Likely test of the 1.34 fib/top of price channel resistance level again. 60% chance of breakthrough, which would lead to 1.39 to 1.47 before retracing
90m - Green EMA is ranging and above white EMA indicating sustained upward pressure. LSMA is high but flat so B-bands are parallel. This will limit upward movement potential. RSI is rising. Prices likely between upper aqua and upper orange, just under the 1.34 fib/top of channel
3H - Green EMA higher than white EMA suggesting higher highs. LSMA is ascending, which will keep B-Bands expanding. RSI is flat. Prices likely to be around the upper aqua B-Band, possibly higher, setting up another challenge to the 1.34 top of channel.
6H - Green EMA has crossed above the LSMA in a ranging fashion. RSI is descending and LSMA is flat. White EMA is well below 50 and sideways. This suggests prices may move up but more sideways despite the wide B-Bands. A retest of the 1.34 resistance level is quite possible/likely, especially if green and white EMA's move up to return to upward momentum. However, there may not be enough energy to break the 1.34 level.
12H - Green and white EMA are falling, but green EMA is higher than the white, suggesting continued upward momentum. RSI and LSMA have continue to ascend, expanding B-bands and making prices at/above the orange B-band likely (currently at 1.35).
1D - Green EMA above white, reaching overbought region while RSI and LSMA continue to ascent to high levels, widening the B-Bands and pushing prices to the orange B-Band (1.34) or higher (1.40)
Good luck and good fortune!
In this update I will only look at the next 24 hours, as I have a bigger update planned for tomorrow and I am short on time.
Intraday (next 24 hours)
Summary: Likely test of the 1.34 fib/top of price channel resistance level again. 60% chance of breakthrough, which would lead to 1.39 to 1.47 before retracing
90m - Green EMA is ranging and above white EMA indicating sustained upward pressure. LSMA is high but flat so B-bands are parallel. This will limit upward movement potential. RSI is rising. Prices likely between upper aqua and upper orange, just under the 1.34 fib/top of channel
3H - Green EMA higher than white EMA suggesting higher highs. LSMA is ascending, which will keep B-Bands expanding. RSI is flat. Prices likely to be around the upper aqua B-Band, possibly higher, setting up another challenge to the 1.34 top of channel.
6H - Green EMA has crossed above the LSMA in a ranging fashion. RSI is descending and LSMA is flat. White EMA is well below 50 and sideways. This suggests prices may move up but more sideways despite the wide B-Bands. A retest of the 1.34 resistance level is quite possible/likely, especially if green and white EMA's move up to return to upward momentum. However, there may not be enough energy to break the 1.34 level.
12H - Green and white EMA are falling, but green EMA is higher than the white, suggesting continued upward momentum. RSI and LSMA have continue to ascend, expanding B-bands and making prices at/above the orange B-band likely (currently at 1.35).
1D - Green EMA above white, reaching overbought region while RSI and LSMA continue to ascent to high levels, widening the B-Bands and pushing prices to the orange B-Band (1.34) or higher (1.40)
Good luck and good fortune!
Note
Update on ADA/USD today: With BTC's rally to a new ATH at 63k, ADA was given a boost and was able to break through the 1.34 resistance level. It is too early to tell if the 1.34 level is now established resistance or prices will retrace to the 1.30 level. If upward momentum can sustain , ADA could reach 1.40 or a bit higher before retracing later in the day. A serious challenge or break through of the 1.47 fib seems unlikely at present.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.