Welcome to this analysis about Cardano, we are looking at the hourly timeframe perspective, the recent events, the current formational structure and what we can expect the upcoming times. Cardano as expected completed its bear-flag in the structure and showed up with the movements to the downside finally reaching the bear-flag-target-zone. iÍf you did not see this analysis already I highly recommend it to watch to have a full-depth-overview. Now as Cardano has completed these movements it has bounced somewhat in the structure and as I discovered is forming a decisive formation here that will show up with the further conclusions in upcoming times, therefore I detected all the important levels and likely outcomes.
As when looking at my chart now we can watch there Cardano bounced from the bear-flag-target-zone marked in blue to the upside and formed this initial impulse moving above the 240-EMA in blue and above the 200-EMA in red where it is holding and forming this triangle-formation in the structure above which is a symmetrical triangle, normally such triangles are forming a breakout to the direction they came from which is the one in this case, furthermore Cardano has developed this coherent wave-count within the formation with the waves A to D already completed and just the wave E remaining the next times that will move directly into the lower boundary and great support-cluster lying there preparing for the final confirmational bounce.
The upcoming times it will be a determining factor how Cardano continues to form this wave-count within the symmetrical-triangle-formation, when the final wave E completes within the lower boundary with a strong decisive move to the upside this will be a solid source for a strong breakout and completion of the triangle to the upside, when such price-action sets in the next impulse will develop as it is marked in my chart and upside targets will be activated with the high possibility of moving above the descending-resistance-line. In expectation of the next impulse, it will be an important question of how Cardano moves into the upper targets and if there comes a continuation or firstly pullback to lower levels.
In this manner, thank you for watching the analysis, have a good day and of course good trading, all the best!
"There is time to go long, time to go short and time to go fishing."
Information provided is only educational and should not be used to take action in the markets.
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