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ADA/USD - 1.60 test possible, risk of 1.43 or 1.34 in 3-5 days

BINANCE:ADAUSDT   Cardano / TetherUS
Hello friends!

Yesterday prices bounced from 1.50 to 1.59 as expected, however this did not result in a true test of the 1.60 level. There wasn't enough upward momentum to reach 1.60.

Today prices may properly test 1.60, and if broken could rally towards 1.64. However, the upward momentum, while continuing, is rather weak as seen by the price movements in the past four 6 hour intervals.

In the shorter near-term timeframes there is the potential for prices to reach 1.65 or a bit higher, but longer near-term, such as the new 5D, indicators suggest prices moving back below 1.50 and potentially down to 1.43 or lower later in the week.

Prices remain unattractive to open a long position other than for purposes of investment or DCA.

Intraday
Summary: Again, a test of 1.60 possible with 1.64 above that, else fall back to 1.51

3H - LSMA and RSI are rising, but green and white EMAs are falling. This is limiting price movement resulting in sideways action. Prices are likely to stay between 1.56 and 1.59 as the day starts.

6H - The pattern of indicators in the first 6H candle of the day typically results in sustained upward momentum and new highs. Lower timeframes, however, are not showing enough momentum to realize much of a rally. Potential for prices to breach 1.60 and move towards 1.64, but likely prices will stay under 1.60

12H - In the first half of the day prices may rise, but upward momentum is flattening out as indicated by white EMA descending, green EMA starting to flatten. LSMA is still far below level 50 and only slightly moving up. This will likely keep prices under 1.60, and could cause them to fall later in they day towards 1.50.

1D - The overall daily picture suggest prices will rise to 1.61 or a bit above due to green and white EMAs being above level 50, but low RSI and LSMA will limit upward movement.

Multiday (3-5 days)


Summary: Prices likely to fall back below 1.50 to 1.43 or even 1.34 by end of the week unless prices rally above 1.60 to 1.65 or above.

3D (new - 3 days left) - Green EMA has risen to near level 50 and white EMA is rising. RSI is flat at level 50 and LSMA is descending near level 50. Convergence around level 50 suggests prices will remain around the yellow basis (1.57) in sideways action with a slight upward bias.

4D (3 days left) - RSI and LSMA are descending near level 50, while white and green EMAs are below level 50. Prices are likely to remain in the region around the yellow basis (1.49) with a downward bias that could bring prices back to 1.43 or lower.

5D (new 5 days left) - RSI and LSMA are descending near level 50. Green and white EMAs are below level 50 and continuing to descend. Prices likely to range around the yellow basis (1.46) with a bias further down, potentially to the 1.34 level again.

Good luck and good fortune!
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