ADA/USD April 13 Update: 1.43+ top, 1.30 retrace 24-36 hours
Today's ADA/USD breakout and price forecast was realized when BTC reached a new ATH above $63k, causing ADA to surge up almost 8%
This breakout above the 1.34 resistance level/fib/top of price channel looks like it will hold. If so, 1.34 is the new support level
How far will prices rise before retracing? [/b
Indicators across intraday timeframes are showing continued upward momentum, but the 12H chart may provide the clearest insight.
Above 1.34 the next Fibonacci level is around 1.47, which we last reached on March 18th and is just shy of the 1.488 ATH. Just above the 1.47 fib is the psychologically important 1.50 level, thus creating a region of strong resistance. Beyond those, the next fib is not until 1.83.
In the next two 12H candles, it looks like ADA will continue to have upward momentum, but slowing. The green EMA is current flat at 94 while RSI and LSMA continue to rise. Prices should remain around the upper orange B-band, and could go to the upper red. The ascent of the LSMA is slowing slightly, but still rising, which will keep the B-bands wide allowing price to rally higher.
The white EMA, however, is falling and could return to level 50 in the next 24-36 hours. It is possible that the white EMA could flatten out or even rebound before hitting level 50, but that is not evident presently.
With these in mind, it appears that the rally is limited and the peak may not be that far away. We could have already seen the peak of this rally at 1.425 or there may be enough momentum to keep rising towards the 1.47 fib before retracing. Currently it does not look like the 1.47/1.50 region could be broken without another surge of buying. Most probably ADA will need to consolidate (even if briefly) before mounting an attack on those levels.
How low will a retracement go, and when?
A retracement could happen anytime in the next 24-36 hours based on current indicators, with later being more probable. In similar past rallies a retracement of 8% occurred. This seems likely this time as well as it would test the strength of the 1.34 support level. An 8% retracement would bring prices back to 1.30 (likely on a wick) before settling above 1.34 and gathering steam for the next move up. Keep in mind, however, that in periods of sustained upward pressure, retracements can be truncated - shorter and less deep than seen in the past.
Price Targets (24-36H)
1.43 to 1.47 peak
1.30 to 1.34 retracement
1.40 possible rebound after retracement (TBD)
Good luck and good fortune!
This breakout above the 1.34 resistance level/fib/top of price channel looks like it will hold. If so, 1.34 is the new support level
How far will prices rise before retracing? [/b
Indicators across intraday timeframes are showing continued upward momentum, but the 12H chart may provide the clearest insight.
Above 1.34 the next Fibonacci level is around 1.47, which we last reached on March 18th and is just shy of the 1.488 ATH. Just above the 1.47 fib is the psychologically important 1.50 level, thus creating a region of strong resistance. Beyond those, the next fib is not until 1.83.
In the next two 12H candles, it looks like ADA will continue to have upward momentum, but slowing. The green EMA is current flat at 94 while RSI and LSMA continue to rise. Prices should remain around the upper orange B-band, and could go to the upper red. The ascent of the LSMA is slowing slightly, but still rising, which will keep the B-bands wide allowing price to rally higher.
The white EMA, however, is falling and could return to level 50 in the next 24-36 hours. It is possible that the white EMA could flatten out or even rebound before hitting level 50, but that is not evident presently.
With these in mind, it appears that the rally is limited and the peak may not be that far away. We could have already seen the peak of this rally at 1.425 or there may be enough momentum to keep rising towards the 1.47 fib before retracing. Currently it does not look like the 1.47/1.50 region could be broken without another surge of buying. Most probably ADA will need to consolidate (even if briefly) before mounting an attack on those levels.
How low will a retracement go, and when?
A retracement could happen anytime in the next 24-36 hours based on current indicators, with later being more probable. In similar past rallies a retracement of 8% occurred. This seems likely this time as well as it would test the strength of the 1.34 support level. An 8% retracement would bring prices back to 1.30 (likely on a wick) before settling above 1.34 and gathering steam for the next move up. Keep in mind, however, that in periods of sustained upward pressure, retracements can be truncated - shorter and less deep than seen in the past.
Price Targets (24-36H)
1.43 to 1.47 peak
1.30 to 1.34 retracement
1.40 possible rebound after retracement (TBD)
Good luck and good fortune!
