Cardano has broken to the upside… so what happens now?
Cardano has broken up from long term down descending wedge. We are looking to hit cup and handle target and see a formation of a head and shoulders reversal pattern. The cup target 645 and the handle target is 614. The head and shoulders neckline will depend on which of these targets is realised.
If ADA fails to reach either of the cup and handle targets the downside target will be at the bottom of the down trend channel 293 sats. If the cup and handle targets are reached, then we will be looking to re-enter a long position at 506 or 468 once support has been established. If ADA breaks up from the neckline the target will be 862. If ADA fails at the neckline the target will be a bearish 232 sats.
All of this is conditional on how everything plays out as described above.
If ADA fails to reach either of the cup and handle targets the downside target will be at the bottom of the down trend channel 293 sats. If the cup and handle targets are reached, then we will be looking to re-enter a long position at 506 or 468 once support has been established. If ADA breaks up from the neckline the target will be 862. If ADA fails at the neckline the target will be a bearish 232 sats.
All of this is conditional on how everything plays out as described above.
Comment:
ADA needs to break above 508 sats with a daily candle too kick this off..