Cardano Building A Massive H%S-Formation!

Тема в разделе "English", создана пользователем Trading Ideas, 27 сен 2020.

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    Cardano Building A Massive H%S-Formation!
    Cardano / US Dollar (calculated by TradingView) BINANCE:ADAUSD
    VincePrince
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    Hello Traders Investors And Community, Welcome to this analysis, we are looking at the Cardano 4-hour timeframe perspectives, the recent events, the current formational structure and what can be expected here the next times. As Cardano moved in a protracted downtrend it recently showed solid upside movements confirming a possible bottom, this movement where stronger than in many other cryptocurrencies which are undermining the theory that we see an increased divergence in the established cryptocurrency market, now Cardano is forming a very interesting formation which has some good potentials further, therefore I detected the important levels and possible outcomes we should consider in this dynamic.

    Looking at my chart you can see this huge protracted possible inverted head and shoulder formation with the left should and head already formed and now with the possible setup to form the right shoulder as Cardano is approaching resistance this can be the origin for the right shoulder to be formed which will lead into the Fibonaccis marked in my chart with the blue level, in this range, Cardano has the possibility to bounce and finally to complete the right shoulder of the major formation, in this case, it is from high importance that Cardano really manages to bounce in this cluster and does not fall below which will invalidate the formation, nevertheless when it does it will be a solid setup to confirm the whole formation.

    When Cardano shows up appropriately with the Fibonacci bounce to complete the right shoulder and the inverted head and shoulder formation this will activate the upside targets marked in the blue level in my chart, this can be traded either on the aggressive side with entry at the Fibonacci-level or conservative with entry after confirmation which will be when Cardano breaks above the neckline and bounces back there. Although the aggressive approach is also possible, the conservative one will be much smarter, traders should decide according to individual risk preferences. When Cardano shows up with the proper price action and reaches its target it has to be elevated if continuation can follow or firstly a pullback setting in.

    In this manner, thank you for watching, support for more market insight, good day to you, and all the best!
    "The ambition to transform opportunity into gold remains the most significant tool for a trader."

    Information provided is only educational and should not be used to take action in the markets.
     
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