Canaan stock has been in a downtrend since 2021. Canaan is one of the top Bitcoin Mining Companies.
The price is approaching our buy zone. We expect one more drop and next the accumulation phase before the explosive move up. If we see one more drop, probably RSI on the weekly timeframe will be even more oversold. In our opinion this stock is very undervalued now. Once crypto market starts recovering, we expect this stock to recover as well. Bottom for crypto market may be not far away (Many analysts believe that the bottom on BTC will be around 10k-12k $) therefore accumulating CAN may be a good idea too.
Trade closed: target reached
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Price moved into the buy zone where buyers stepped in and pumped the price towards out targed sooner than expected. Trade closed in profit