ADA/USD - A note about price action today and the 4D/5D
Hello friends!
Today saw a nice rally up to 1.83. Hopefully some of you took a bit of profits there.
Following up on my post yesterday about the 1.55 level, it is likely that we will see prices near 1.55 and possibly a test of the 1.55 level later in the day based on the intraday charts.
Today's rally was encouraging in that it shows there is strength in the market that may keep prices above 1.55 over the next several days.
However, I wanted to point out that even at 1.83 today, the 5D candle was not high enough for the green EMA to be above level 50. We must keep an eye on both the 4D and 5D charts. Without more rallies and sustained prices above 1.75, it there is a notable risk (we will not know until the candle closes) that prices may consolidate to 1.44 or below, which would also put the 1.55 level in jeopardy. There are still many candles in the next few days, so this may be avoided, one should keep it in mind.
Today saw a nice rally up to 1.83. Hopefully some of you took a bit of profits there.
Following up on my post yesterday about the 1.55 level, it is likely that we will see prices near 1.55 and possibly a test of the 1.55 level later in the day based on the intraday charts.
Today's rally was encouraging in that it shows there is strength in the market that may keep prices above 1.55 over the next several days.
However, I wanted to point out that even at 1.83 today, the 5D candle was not high enough for the green EMA to be above level 50. We must keep an eye on both the 4D and 5D charts. Without more rallies and sustained prices above 1.75, it there is a notable risk (we will not know until the candle closes) that prices may consolidate to 1.44 or below, which would also put the 1.55 level in jeopardy. There are still many candles in the next few days, so this may be avoided, one should keep it in mind.
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