Cardano Ascending Right Angled Broadening Wedge
Cardano
The right shoulder on the head and shoulder pattern was not broken and so the bears were able to bring the price to the price target around 2 dollars. Where in the first instance the course was well caught and at descent number 2 even ground seemed to be lost. But the bulls have managed to get it above 2 dollars again. You can also say that in this phase a W pattern appeared with a target above the neckline of the cup n handle which can still be found on the week. The bulls have failed to break through this resistance. Now the course is in a so-called Ascending Right Angled Broadening Wedge.
This pattern often turns out as a bearish pattern, but can also turn out to be bullish. Besides the fact that this depends on what BTC does, we have to take into account that the $2 dollar limit has already been sought 3 to 4x and that there is an increasing chance that that limit will be broken at some point. For now it's... either break the support and slide a bit towards USD $2 or break through the resistance of USD 2.3 and continue towards USD 2.5
Keep calm, trade safe and manage your risk.
(Disclaimer: This is not financial advice)
The right shoulder on the head and shoulder pattern was not broken and so the bears were able to bring the price to the price target around 2 dollars. Where in the first instance the course was well caught and at descent number 2 even ground seemed to be lost. But the bulls have managed to get it above 2 dollars again. You can also say that in this phase a W pattern appeared with a target above the neckline of the cup n handle which can still be found on the week. The bulls have failed to break through this resistance. Now the course is in a so-called Ascending Right Angled Broadening Wedge.
This pattern often turns out as a bearish pattern, but can also turn out to be bullish. Besides the fact that this depends on what BTC does, we have to take into account that the $2 dollar limit has already been sought 3 to 4x and that there is an increasing chance that that limit will be broken at some point. For now it's... either break the support and slide a bit towards USD $2 or break through the resistance of USD 2.3 and continue towards USD 2.5
Keep calm, trade safe and manage your risk.
(Disclaimer: This is not financial advice)
Tims.Technische.Analyse by TIMTIBBO
