Hi my friends,
Welcome to this analysis where we are looking at Cardano's 12-hour timeframe perspective, the recent price-action-events, the current structural-formation, what to expect the next times and how to handle possible upcoming situations appropriately. Since Cardano established its bearish reversal head and shoulder top formation it is trading in an established downtrend where it already formed several bear-flags origins of volatile bearish movements to the downside. This downtrend however will not go on forever, it will sooner or later stop and reverse when bulls are strong enough in the range to do so. Therefore I detected the important levels and possible outcomes we should consider in Cardano's upcoming price-action.
Looking at my chart you can watch there Cardano besides the established descending-channel-formation marked in blue is also developing a wave-count within it, where it is currently forming the wave D of this whole major wave-count, the destination of wave D directly moves into a serious resistance cluster where the upper boundary coming together with the 60-EMA marked in red, this resistance-cluster seen in my chart has a higher possibility to confirm bearish to the downside and when it does the channel in which Cardano is trading can validate as a bear-flag then, this will show up when Cardano closes below the lower boundary of the channel and moves on to the downside which will increase the bearish pressure further.
When Cardano shows up with the more likely bearish scenario setting up to form the final wave E in the wave-count it has the next important support in the back-up-cluster marked in blue in my chart where Cardano can back-up and complete the whole wave-count, when this mechanism is strongly enough there is a solid possibility given that Cardano moves on to confirm the descending-channel-formation to the upside, in this case it is from high importance that Cardano finishes above the upper boundary with a protracted bullish move, closes and stays there to not fall back into the channel again because this can end up in a bull-trap also where Cardano firstly visits into the channel anew.
In this manner, thank you for watching, support for more market insight, good day to you, and all the best!
Information provided is only educational and should not be used to take action in the markets.
Welcome to this analysis where we are looking at Cardano's 12-hour timeframe perspective, the recent price-action-events, the current structural-formation, what to expect the next times and how to handle possible upcoming situations appropriately. Since Cardano established its bearish reversal head and shoulder top formation it is trading in an established downtrend where it already formed several bear-flags origins of volatile bearish movements to the downside. This downtrend however will not go on forever, it will sooner or later stop and reverse when bulls are strong enough in the range to do so. Therefore I detected the important levels and possible outcomes we should consider in Cardano's upcoming price-action.
Looking at my chart you can watch there Cardano besides the established descending-channel-formation marked in blue is also developing a wave-count within it, where it is currently forming the wave D of this whole major wave-count, the destination of wave D directly moves into a serious resistance cluster where the upper boundary coming together with the 60-EMA marked in red, this resistance-cluster seen in my chart has a higher possibility to confirm bearish to the downside and when it does the channel in which Cardano is trading can validate as a bear-flag then, this will show up when Cardano closes below the lower boundary of the channel and moves on to the downside which will increase the bearish pressure further.
When Cardano shows up with the more likely bearish scenario setting up to form the final wave E in the wave-count it has the next important support in the back-up-cluster marked in blue in my chart where Cardano can back-up and complete the whole wave-count, when this mechanism is strongly enough there is a solid possibility given that Cardano moves on to confirm the descending-channel-formation to the upside, in this case it is from high importance that Cardano finishes above the upper boundary with a protracted bullish move, closes and stays there to not fall back into the channel again because this can end up in a bull-trap also where Cardano firstly visits into the channel anew.
In this manner, thank you for watching, support for more market insight, good day to you, and all the best!
Information provided is only educational and should not be used to take action in the markets.
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