Ardor build up a huge Shoulder-head-shoulder pattern in its graph. But this bearish pattern did not result in a further sell off.
Instead Ardor had a bounce on the neckline and then it did fell through a little, when it fell through price reached a new low, but the RSI-indicator did not, it made a higher low, this bullish pattern is known as: Bullish divergence. From that moment on both price and RSI have formed an ascending triangle. Another bullish pattern. Yesterday Ardor left both triangles (as to be expected) on the upside and perfectly reached the target that the triangle gave us (see both green vertical arrows).
Trading plan: either wait for Ardor to backtest the neckline or to overcome the first target (green Arrow), next target would be the top of the right shoulder (around 0.00006), but there propably is a whole lot more potential!
Instead Ardor had a bounce on the neckline and then it did fell through a little, when it fell through price reached a new low, but the RSI-indicator did not, it made a higher low, this bullish pattern is known as: Bullish divergence. From that moment on both price and RSI have formed an ascending triangle. Another bullish pattern. Yesterday Ardor left both triangles (as to be expected) on the upside and perfectly reached the target that the triangle gave us (see both green vertical arrows).
Trading plan: either wait for Ardor to backtest the neckline or to overcome the first target (green Arrow), next target would be the top of the right shoulder (around 0.00006), but there propably is a whole lot more potential!
Comment:
First target passed and backtested, looking fine!
Comment:
Fresh fuel in the tank and good to go! See the nice bounce RSI made (green oval).. but on the other side also take in account the new resistance line (red) that has emerged after the previous run..
Comment:
Current sentiment didnn't hurt Ardor's chart, which is quite exceptional considering all the blood in the streets atm. Ardor still good to take off..