Cardano Technical Analysis: Intraday Timeframe Bearish Pattern
Conclusion for today’s Cardano analysis: A close above the upper boundary of the wedge that captures ~0.00000599 implies resumption of a bullish price swing.
Cardano analysis for day is carried out on an intraday (6 hour timeframe) that shows price action from September of last year till present date.
The complex, inverted head and shoulders (or complex head and shoulders bottom) did provide temporary bullish momentum upon confirmation of the chart pattern. This was immediately followed by resumption of the major downtrend in Cardano price since May of 2018 (not shown here), when price closed below ~0.00000830.
A falling wedge (ideally bullish) chart pattern is used to provide perspective for the current downtrend in Cardano since April of 2019. It is currently likely for price to continue falling to the 0.00000394 price level before any bullish swing can be sustained.
An eventual break above the upper boundary of the wedge (diagonal) can be expected to provide the first sign on of a bottom for price action if confirmation is provided by a momentum indicator e.g. RSI (relative strength index).
0.00000599 price level is marked on the chart as it is the level that was reached by the bullish spike in price on August 05, 2019. Therefore, price successfully closing above the previous failed bullish attempt at 0.00000599 and also upper boundary of the diagonal increases the chances of a sustained bullish trend in Cardano.
Cardano analysis for day is carried out on an intraday (6 hour timeframe) that shows price action from September of last year till present date.
The complex, inverted head and shoulders (or complex head and shoulders bottom) did provide temporary bullish momentum upon confirmation of the chart pattern. This was immediately followed by resumption of the major downtrend in Cardano price since May of 2018 (not shown here), when price closed below ~0.00000830.
A falling wedge (ideally bullish) chart pattern is used to provide perspective for the current downtrend in Cardano since April of 2019. It is currently likely for price to continue falling to the 0.00000394 price level before any bullish swing can be sustained.
An eventual break above the upper boundary of the wedge (diagonal) can be expected to provide the first sign on of a bottom for price action if confirmation is provided by a momentum indicator e.g. RSI (relative strength index).
0.00000599 price level is marked on the chart as it is the level that was reached by the bullish spike in price on August 05, 2019. Therefore, price successfully closing above the previous failed bullish attempt at 0.00000599 and also upper boundary of the diagonal increases the chances of a sustained bullish trend in Cardano.
