Greeting all.
Cardano has been consolidating from the previous sell off this weekend and it might be coming to an end. The consolidation is taking form of a symmetrical triangle. Nothing fancy but they are at a pivot point so it will determine if this is a longer term rally. They broke the pattern for a few minutes right on the next hour candle so it looks like a break but was really just a sudden burst which happened on both sides so its undetermined which is stronger.
Symmetrical triangles can go both ways so we have to wait for a confirmed breakout. The consolidation is quite large so we can look at a nice 3:1 risk/reward setup.
Going up I'd look out at the major resistance for a possible bounce back downward if the bulls aren't strong enough.
Downwards... well doesn't look like we've found the floor yet except for where the selloff ended. So keep a eye around there.
I'm not a financial adviser. Trade at you're own risk.
Cardano has been consolidating from the previous sell off this weekend and it might be coming to an end. The consolidation is taking form of a symmetrical triangle. Nothing fancy but they are at a pivot point so it will determine if this is a longer term rally. They broke the pattern for a few minutes right on the next hour candle so it looks like a break but was really just a sudden burst which happened on both sides so its undetermined which is stronger.
Symmetrical triangles can go both ways so we have to wait for a confirmed breakout. The consolidation is quite large so we can look at a nice 3:1 risk/reward setup.
Going up I'd look out at the major resistance for a possible bounce back downward if the bulls aren't strong enough.
Downwards... well doesn't look like we've found the floor yet except for where the selloff ended. So keep a eye around there.
I'm not a financial adviser. Trade at you're own risk.