Yesterday’s forecast of dropping to 1.03 was far exceeded as prices flash crashed to 0.92 before eventually returning to the 1.11 fib region.
Today expect sideways action with a downward bias, and risk of another test of 1.03 or 1.00. Prices can easily fall below 1.00 if BTC does not stay above $49k. If $49k does not hold and drops near $44k, ADA/USD prices may drop to 0.89 and as low as 0.80. Such a drop would signal a bear cycle. With yesterday’s price action, a breakout to the upside may not occur now until the end of May.
Intraday (next 24 hours)
Summary: Ranging between 1.16 and 1.03 with downward pressure to lower prices
6H – Despite high white , green only just above level 50 and descending. With and low, prices may not reach the yellow basis line (1.19), and instead stay between lower white and lower aqua B-Bands (1.13 to 1.09)
12H – White is just over level 50 and green has crossed above , but and continue to descend. Very little upward momentum to counteract the prevailing downward momentum. Prices likely around lower aqua B-Band (1.08) and possibly back to the 1.03 region.
1D – has crossed below level 50 and B-Bands are widening. Other indicators are low and flat suggesting prices staying between the lower white and lower aqua B-bands, with a bias towards the lower aqua (or below). 1.16 to 1.04
Multiday (rest of this weekend)
Summary: Prices around 1.11 then test of 1.03 and 1.00. Stronger risk of drop below 1.00 to 0.80 in several days.
2D through 4D all show white and green well below level 50, and in all cases green is below red , showing downward pressure for the next several days. Prices will be pressured to move to the lower white B-Band, which is around 1.11 in the next 24 hours, but around 1.00 in the 4D (3 days left)
Yesterday’s crash has increased the risk of ADA/USD dropping below 1.00 and continuing down as low as 0.80 in the next week. Price action this weekend and new charts when the week starts Monday morning will indicate whether that is likely.
Looking at the 8D and 11D charts (with 8 days left), any chance to rally to new ATH’s does not look likely now until May 24th.
Good luck and good fortune!