Cardano, Confirmation In Range, Next Levels To Assess!

Hello Traders Investors And Community,

Welcome to this update-analysis where we are looking at Cardano 12-hour timeframe perspective, the recent events, the current formational structure, what we can expect the next times and how to handle upcoming situations in the right manner. Cardano broke below the second major bear-flag accordingly as it was expected and now lied the ground for more downside to continue in the structure, now we should not underestimate the established bearishness however there are coming some major support levels in the structure which can reverse the situation and stabilize Cardano into something more bullishly consistent, therefore I detected all the important levels and possible outcomes we should consider for Cardano in the current structure.

Looking at my chart you can watch the middle line of the huge channel where Cardano now broke to the downside, besides that Cardano has the falling resistance line marked in grey which it already confirmed severely bearish to the downside and now has a high potential to confirm bearish again, furthermore, Cardano now established the final wave E in the structure in completion forwarding the wave-count, this wave-count can stop in the back-up-cluster marked in blue in my chart where Cardano has support with the lower boundary, in this cluster a stabilization can be expected, therefore it is important that Cardano bounces strongly here to not fall below this level again because it can invalidate a bullish reversal.

In this manner, thank you for watching, support for more market insight, good day to you, and all the best!
“There is a time to go long, a time to go short, and a time to go fishing.”

Information provided is only educational and should not be used to take action in the markets.