Yesterday prices fell a bit farther than expected, down to 1.37 rather than 1.42. Since then prices have returned to 1.42.
The day is starting with a bit of a rebound, but this will need to translate into a rally that will take prices towards 1.50 or above. Despite yesterday’s drop, the 2D and 3D continue to show the potential for a reversal and rally.
However, unless prices can regain 1.50 and show strength in the next 48 hours, prices would be likely to fall over the next several days to 1.20 or lower.
Summary: Risk of another consolidation to 1.35 or lower continues, but rally to 1.47 more likely
3H to 12H – The first half of the day, prices look to be recovering from yesterday’s low. Green has crossed above the and in the 3H indicating that upward momentum is in control, while white is above level 50.
This will likely lead the 6H and 12H to bottom out and prices rally towards 1.47, though another fall towards the lower orange B-band (1.35) cannot be ruled out. In the 12H, white is rising and green is nearly flat, but indicators are still very low. 12H may take 3 more candles to reverse.
1D – For the day as a whole, green and white are very low, while and are falling. There is a risk of prices falling below the lower aqua B-band towards the lower orange band (1.28), though green and white EMAs are slowing their descent and may be near a bottom. If prices rally to/above the lower white B-band in the daily, the green could turn up and signal the start of a reversal.
Next 48-72 Hours
Summary: Upward momentum still showing in 2D, 3D, but deeper consolidation looms in 4D, 6D if rally does not happen in next 48 hours
2D (1 day left) – A rally today could change the direction of the green back to ascending and raise the white back above level 50. If not, then further consolidation may be more likely with prices falling towards 1.31 (lower aqua B-band)
3D (2 days left) – Green now has a more shallow ascent. White is still rising towards level 50. A rally today would put green and white EMAs back on track to rise above level 50 in the next candle. Otherwise sideways action could lead to further consolidation as and fall below 50.
4D (3 days left) – and are at level 50 and descending. Green is higher than white , and both are slowing their descent. Without a rally in the next 48 hours, downward momentum could push prices towards the lower white B-band (1.25).
6D (5 days left) – Green and white EMAs well below level 50 as and near level 50 in their sharp descent. ADA will need to rally back above 1.49 to slow the descent. If not, prices could fall to the lower white B-band (1.16) in the next candle.
Good luck and good fortune!