Cardano was able to recover its price after a very disappointing downtrend and heavy fall to its very strong resistance levels at $ 0.7!
Considering the recent events that have taken place in this digital currency, and the Reversal Pattern seen in the chart, it is easy to see an Inverted Cup & Handle pattern that is almost closer to the goal of its own pattern.
Now, another scenario is likely to happen, if Cardano can get out of his Mid-Term Descending Channel (which also reaches the exact goal of the cup pattern) with a short-term correction, this time he can complete his channel's goal and reach the targets. Which brings a very good profit !!
Risk/Reward Ratio = 8:1
However, due to the weight of the channel and the fact that the price of Bitcoin is approaching its local resistance, this scenario may be replaced by the 2nd one, in which case we will have a return back in the channel to psychological resistance in the range of $ 1 without a valid break from the channel and after that, the shows go on.
Either way, the Downtrend on Cardano is almost over, and we need to plan for higher goals in the mid-term.
This is not an investment proposal and is merely a personal analysis
Good Luck
Considering the recent events that have taken place in this digital currency, and the Reversal Pattern seen in the chart, it is easy to see an Inverted Cup & Handle pattern that is almost closer to the goal of its own pattern.
Now, another scenario is likely to happen, if Cardano can get out of his Mid-Term Descending Channel (which also reaches the exact goal of the cup pattern) with a short-term correction, this time he can complete his channel's goal and reach the targets. Which brings a very good profit !!
Risk/Reward Ratio = 8:1
However, due to the weight of the channel and the fact that the price of Bitcoin is approaching its local resistance, this scenario may be replaced by the 2nd one, in which case we will have a return back in the channel to psychological resistance in the range of $ 1 without a valid break from the channel and after that, the shows go on.
Either way, the Downtrend on Cardano is almost over, and we need to plan for higher goals in the mid-term.
This is not an investment proposal and is merely a personal analysis
Good Luck
Trade active:
Buy Zone Activated
Buy Around 1 - 0.9 $
Buy Around 1 - 0.9 $
Comment:
The 2nd Scenario is On
Follow Your Own Trading Plan!
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