ADA/USD April 30 - Sideways around the 1.35 level
Hello friends!
Yesterday prices stayed in the forecast range despite the Cardano Africa event. There was no breakthrough in prices. Prices ranged from 1.27 to 1.41, and the day was down 2.36% overall.
Events, news, and changes in fundamentals overwhelm TA forecasts, but it is important to not make assumptions about what these events will do to prices. Not every event will send prices to the moon, and some may not live up to the hype. Trading on news is a risky way to trade. Events can be FOMO-inducing, leading to sub-optimal trades. Sometimes it is better to wait and see. Also, remember that you do not always need to be in a trade. Waiting for a good entry point can be worth it.
Today is showing mixed signals that should keep prices sideways around 1.35 with a range of 1.28 to 1.39
Intraday
Summary: Test of 1.20 price region likely, but generally between 1.25 and 1.35
3H - Green EMA lower than white EMA, while RSI and LSMA at level 50. Prices should remain between yellow basis and white upper B-Band (1.31 to 1.36)
6H - LSMA is above 80 and flat, with B-Bands narrowing. RSI is descending towards level 50, and green EMA is much higher than white EMA. This interesting mix of indicators suggests that prices could go higher, but will be limited in how high they go. Upward momentum is waning. Prices likely to stay around the upper white B-Band at 1.35 but could go higher with enough momentum
12H - Green EMA is below the RSIA and white EMA is below level 50, meaning downward momentum. However, RSI and green are flat, suggeesting more sideways action with a bias to the downside. Interestingly, the LSMA is steadily coming up and has crossed above level 50. This should start to expand the B-Bands and keep prices above the yellow basis line. Prices should be in the upper white to upper aqua B-band range, with 1.35 being a common point
1D - Green EMA continues to be above level 50, but flat. White EMA is slowly descending. LSMA is starting to come up around level 50, but also flat. Only the RSI is moving up. This suggests continued, but mild, upward momentum. With the LSMA flat, B-Bands are not expanding in the daily, so price ranges are narrow. Prices should range between the 1.28 and 1.39 with 1.35 being a common level.
Multi-day (2-6 days)
Most multi-day candles (2D to 6D, and more) closing at the end of today's trading day, there is limited insight into longer timeframes. Looking at the Weekly and 9D (6 days left), there is less downward momentum, but green is still below the RSI (meaning no crossover to upward momentum yet) and white EMA is still far below 50. Thus, while the green EMA is ascending, overall momentum is still down for the next several days. We could see prices come up a bit, but no signal for a breakthrough yet, and prices could remain sideways.
Good luck and good fortune!
Yesterday prices stayed in the forecast range despite the Cardano Africa event. There was no breakthrough in prices. Prices ranged from 1.27 to 1.41, and the day was down 2.36% overall.
Events, news, and changes in fundamentals overwhelm TA forecasts, but it is important to not make assumptions about what these events will do to prices. Not every event will send prices to the moon, and some may not live up to the hype. Trading on news is a risky way to trade. Events can be FOMO-inducing, leading to sub-optimal trades. Sometimes it is better to wait and see. Also, remember that you do not always need to be in a trade. Waiting for a good entry point can be worth it.
Today is showing mixed signals that should keep prices sideways around 1.35 with a range of 1.28 to 1.39
Intraday
Summary: Test of 1.20 price region likely, but generally between 1.25 and 1.35
3H - Green EMA lower than white EMA, while RSI and LSMA at level 50. Prices should remain between yellow basis and white upper B-Band (1.31 to 1.36)
6H - LSMA is above 80 and flat, with B-Bands narrowing. RSI is descending towards level 50, and green EMA is much higher than white EMA. This interesting mix of indicators suggests that prices could go higher, but will be limited in how high they go. Upward momentum is waning. Prices likely to stay around the upper white B-Band at 1.35 but could go higher with enough momentum
12H - Green EMA is below the RSIA and white EMA is below level 50, meaning downward momentum. However, RSI and green are flat, suggeesting more sideways action with a bias to the downside. Interestingly, the LSMA is steadily coming up and has crossed above level 50. This should start to expand the B-Bands and keep prices above the yellow basis line. Prices should be in the upper white to upper aqua B-band range, with 1.35 being a common point
1D - Green EMA continues to be above level 50, but flat. White EMA is slowly descending. LSMA is starting to come up around level 50, but also flat. Only the RSI is moving up. This suggests continued, but mild, upward momentum. With the LSMA flat, B-Bands are not expanding in the daily, so price ranges are narrow. Prices should range between the 1.28 and 1.39 with 1.35 being a common level.
Multi-day (2-6 days)
Most multi-day candles (2D to 6D, and more) closing at the end of today's trading day, there is limited insight into longer timeframes. Looking at the Weekly and 9D (6 days left), there is less downward momentum, but green is still below the RSI (meaning no crossover to upward momentum yet) and white EMA is still far below 50. Thus, while the green EMA is ascending, overall momentum is still down for the next several days. We could see prices come up a bit, but no signal for a breakthrough yet, and prices could remain sideways.
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.