Cardano Analysis: Intraday Timeframe Chart Patterns and Bullish

Cardano Analysis: Intraday Timeframe Chart Patterns and Bullish
Cardano / Bitcoin BINANCE:ADABTC
Coin_Analyst

Conclusion for today’s Cardano technical analysis: Confirmation of a double bottom implies higher prices in Cardano.

Cardano analysis is presented on its 6 hour (intraday) timeframe with a quick look at the current downtrend starting from April 03, 2019 to current date. The dominant chart pattern identified is a falling wedge , which is ideally bullish and suggests a resolution of prices higher upon completion (confirmation) of the pattern.

Price did breakout of the wedge on August 21, 2019 and has been followed by sideways price action. The ranging movement in price includes August 10 and September 06, 2019 price lows that helped produce a double bottom chart pattern with confirmation occurring on September 18, 2019.

The double bottom (ideally bullish ) and falling wedge both argue for a bullish bias in Cardano ( ADABTC ). Also worthy of note is the slope of the 200 and 50 moving average that have changed from negative to zero. They suggest a possible change in the bearish trend and price currently trading above both is bullish .

Added confirmation is provided by the slope of both moving averages turning positive. A break below 0.00000435 decreases the chance of any bullish momentum resuming from the current ranging environment, and rather suggests more downside action.