Welcome to this analysis where we are looking at Cardano 6-hour timeframe perspective, the recent events, the current formational structure, what we can expect the next times, and how to possibly handle upcoming situations appropriately. Cardano is moving in a long protracted bottoming-formation where it for now built this coherent inverse head-and-shoulder-formation with the left shoulder and the head already formed and now about to form the right shoulder, what was a good sign so far here is that Cardano managed the bounce to the upside from the established point of control within the , now as this important bounce from there has emerged which can complete the right shoulder and therefore the whole formation there are only a few steps away from the final activation of the upside targets resulting from a breakout, therefore I detected all the important levels and likely outcomes here.
As looking at my chart you can watch there Cardano just the next times will approach the neckline of the head-and-shoulder-formation anew which will lead to a likely pullback from there as there is still supply lying, this pullback will go on protracted till support is found in which Cardano manages to back-up, stabilize and finally move on to complete the right shoulder, in this case, it is the back-up-cluster marked in my chart in blue between the 50 and 61.8 % Fibonacci-levels, together with the 100-EMA in red this zone is building coherent support where a bounce to the upside is likely, here it is really necessary that Cardano manages to bounce strongly from that level and do not fall below it again because this can possibly invalidate the whole formation, however, this is not the most likely scenario at the moment as the established bullishness was very strong this can lead to a continuation ahead. In the upcoming times Cardano has to show how it manages to bounce to the upside from the blue back-up-cluster and after that finally form the head-and-shoulders breakout which will complete the whole formation and activate upside targets when Cardano shows up with this price-action the targets at 0.142 will be pointed in which it has to be elevated if Cardano manages to move on higher from there or firstly forms a pullback visiting lower levels before a continuation can occur.
In this manner, thank you, everybody, for watching, have a good day as well as good trading, all the best!
“Prospect is the ingredient of good fortune.”
Information provided is only educational and should not be used to take action in the market.
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