Cardano formed a symmetricla traingle in the last weeks (purple) on the 4h chart. It recently formed a higher high (last HH), which would mean a retracement. The big but: The market pressure from bitcoin is huge. Thus a pump from the purple triangle most propaply will happen. Of course, a retest of upper triangle line is also very probable after the break-out. Where will it go? The technical price target from the triangle would somewhere around 2.80. However, there is resistance line coming from a older high around 2,38. Unfortunately this resistance fit perfectly with a Fib-retracament expension level from last 3 from 5 larger price movements (blue arrows). Thus I expect this resistance as pretty strong.
If we can overcome the 2.38 to 2.45 area, then the 2.80 is good price target.
Take your own decsision
If we can overcome the 2.38 to 2.45 area, then the 2.80 is good price target.
Take your own decsision
Commentaire:
Pump out of symmetrical triangle. Let see what happens: Fake-out? Re-test? Or Push, Push, Push?