Cardano, Moving In Huge Channel, These Are Next Steps Ahead!

12 Nov 2020

Hello Traders Investors And Community,

Cardano is still holding above the 200-EMA in the structure where it formed several bounces to the upside, currently, this level is still holding and besides that Cardano is forming this bigger formation here which can be decisive in upcoming price-actions ahead, for now we should not underestimate the bearish perspective as Cardano has still some strong resistance layers lying there above that this is why a bearish pullback is likely to establish sooner or later, therefore I detected all the important levels and likely outcomes we should consider within the current structure and upcoming determinations.

When looking at my chart you can watch there Cardano now trading within this massive ascending-channel-formation marked in blue where it already completed the waves A-B and now forms the major wave C which will lead directly into the upper-resistance, at the moment Cardano has formed already the waves A and B within this major wave C and when Cardano now manages to bounce within the middle-line and the 65-EMA this can be a very good origin for the final wave C which will complete the whole major wave and set up to finally form the next waves in the structure which will be the D and E wave, where the D wave is likely to bounce within the blue back-up-cluster within the lower-boundary of the huge channel and from there on be the origin for the final wave E to the upside moving into the upper-boundary and completing the whole wave-count where when this happens Cardano can move on to complete the whole ascending-channel-formation as a bear-flag when the proper price-action shows up here which will happen when Cardano closes below the lower boundary with a decisive bearish move.

Currently, we should determine how the whole formation and wave-count completes and what happens when this whole formation has finally completed, therefore it is important to determine how Cardano reacts within the final resistance-cluster and when this pullback is with strong pace this can finally move on fast to complete the whole formation, in any case, the bearish side should not be underestimated here as there are still these strong resistance-levels lying and the bearish signs as suggested, it will be an important development and it has to elevate how Cardano continues when it potentially confirmed the channel as a bear-flag and reached the lower targets in the structure.

In this manner, thank you, everybody, for watching, have a good day as well as good trading, all the best!
“Trading effectively is about assessing possibilities, not certainties.”

Information provided is only educational and should not be used to take action in the market.