ADA/USD April 29 - Volatility, 1.53 test possible, else 1.40
Hello friends! Yesterday we did not see a test of the 1.20 region, going only as low as 1.23, but we did stay in the 1.25 to 1.35 region as forecast.
Today's price is, and will continue to be, volatile due to today's events. Prices started the day down, falling from 1.34 to 1.29 before a pump to 1.40. Prices bounced off the 1.40 level and turned back down and are again testing 1.40.
The Cardano Aftica event is coming later today. Today's early pump suggests that there is exuberance about the event, but we have very little information. The event could dazzle or disappoint, and the effect on price action is unclear, other than that it is likely to cause volatility.
The TA suggests that prices will remain between 1.28 and 1.40 today with wicks possible to 1.45-ish. 1.34/1.35 is a key level to hold as that has been a common resistance level will need to become a support level if higher prices are to be possible. Volatility and news could push prices through 1.40 to 1.45 or even a test of the 1.53 Fibonacci, but presently it does not appear that there is enough upward momentum for such a test. There is no indication of a new ATH today or in the next 2 days at present.
Traders may want to wait and see how the market reacts to today's event. Volatility can produce considerable risk, and exuberance during an event can lead to decisions based on emotion rather than analysis and data.
Below is the current TA. Again, today's events could override this forecast.
Intraday
Summary: Prices likely to remain in the 1.30 to 1.40 region, testing 1.40. Prices could wick as high as a retest of 1.53, but a breakthrough is unlikely
3H - Green EMA is high on a sharp climb. Green above white EMA generally means higher highs. White EMA, however is not very strong. This may limit price action to the upside to be in the upper aqua to upper orange range (1.37 to 1.40) in the current candle.
6H - LSMA is above 80 and rising, expanding the B-Bands. RSI is flat and under level 80, but may be coming up, and green EMA is much higher than white EMA. Again, white EMA is barely above 50. With stronger white EMA, prices could be in the upper aqua to upper orange B-band region, but presently there is not enough energy for that, and prices look to stay in upper white to upper aqua bands, 1.32 to 1.40.
12H - Green EMA is above descending white EMA. Upward momentum looks to continue for the remainder of the day, but at decreasing levels of strength. LSMA is still below 50, which will somewhat limit the upward price action potential. A test of 1.40 and wick above 1.40 to 1.44 is possible, but higher highs are not expected.
1D - Green EMA is still well below a very high white EMA. Meanwhile, LSMA is just below level 50 and RSI is just above. A wick to the upper aqua B-Band is possible (1.46), but prices look to remain between the yellow basis (1.28) and the upper white B-band (1.39)
Next 2 days
Summary: 2D through 6D, and 8D candles all close in less than 2 days. Each chart shows a slightly different perspective, but a similar story. Green EMA is higher white EMA in most cases and rising sharply. That is not the case in the 2D where green is lower than white, but it does suggest and upturn in the short-term, and a potential reversal to the upside in the near/mid-term (this has not occurred yet with green still below RSI and white still below level 50). The result of today's price action and new candles will tell us more. Until then, the outlook is bullish but not confirmed.
Good luck and good fortune!
Today's price is, and will continue to be, volatile due to today's events. Prices started the day down, falling from 1.34 to 1.29 before a pump to 1.40. Prices bounced off the 1.40 level and turned back down and are again testing 1.40.
The Cardano Aftica event is coming later today. Today's early pump suggests that there is exuberance about the event, but we have very little information. The event could dazzle or disappoint, and the effect on price action is unclear, other than that it is likely to cause volatility.
The TA suggests that prices will remain between 1.28 and 1.40 today with wicks possible to 1.45-ish. 1.34/1.35 is a key level to hold as that has been a common resistance level will need to become a support level if higher prices are to be possible. Volatility and news could push prices through 1.40 to 1.45 or even a test of the 1.53 Fibonacci, but presently it does not appear that there is enough upward momentum for such a test. There is no indication of a new ATH today or in the next 2 days at present.
Traders may want to wait and see how the market reacts to today's event. Volatility can produce considerable risk, and exuberance during an event can lead to decisions based on emotion rather than analysis and data.
Below is the current TA. Again, today's events could override this forecast.
Intraday
Summary: Prices likely to remain in the 1.30 to 1.40 region, testing 1.40. Prices could wick as high as a retest of 1.53, but a breakthrough is unlikely
3H - Green EMA is high on a sharp climb. Green above white EMA generally means higher highs. White EMA, however is not very strong. This may limit price action to the upside to be in the upper aqua to upper orange range (1.37 to 1.40) in the current candle.
6H - LSMA is above 80 and rising, expanding the B-Bands. RSI is flat and under level 80, but may be coming up, and green EMA is much higher than white EMA. Again, white EMA is barely above 50. With stronger white EMA, prices could be in the upper aqua to upper orange B-band region, but presently there is not enough energy for that, and prices look to stay in upper white to upper aqua bands, 1.32 to 1.40.
12H - Green EMA is above descending white EMA. Upward momentum looks to continue for the remainder of the day, but at decreasing levels of strength. LSMA is still below 50, which will somewhat limit the upward price action potential. A test of 1.40 and wick above 1.40 to 1.44 is possible, but higher highs are not expected.
1D - Green EMA is still well below a very high white EMA. Meanwhile, LSMA is just below level 50 and RSI is just above. A wick to the upper aqua B-Band is possible (1.46), but prices look to remain between the yellow basis (1.28) and the upper white B-band (1.39)
Next 2 days
Summary: 2D through 6D, and 8D candles all close in less than 2 days. Each chart shows a slightly different perspective, but a similar story. Green EMA is higher white EMA in most cases and rising sharply. That is not the case in the 2D where green is lower than white, but it does suggest and upturn in the short-term, and a potential reversal to the upside in the near/mid-term (this has not occurred yet with green still below RSI and white still below level 50). The result of today's price action and new candles will tell us more. Until then, the outlook is bullish but not confirmed.
Good luck and good fortune!
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.
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.