Cardano, Completes Channel-Breakout, Further Considerations!

17 Mac 2021

Hello Traders Investors And Community,

Welcome to this update-analysis about Cardano, we are looking at the 4-hour timeframe perspective, the recent events, the established formational structure and what we can expect in the upcoming times. Since the former analysis, Cardano fully completed the wave-count within the descending-channel and showed up with heavily exaggerated bullishness to the upside and with this major channel-breakout to the upside, in this case now I discovered how Cardano can establish further and what possibilities there are given for Cardano to continue, therefore I detected all the important levels and likely destinies we should consider within the established structure and upcoming movements.

As when looking at my chart now we can watch there how Cardano fully showed up with this heavy bullishness almost exaggerating and protracting in the structure, now recently Cardano moved on to test the remaining resistances from where pullbacks to the downside are firstly very likely, these pullbacks will move on till Cardano has found support in the structure which is likely to happen within the 50 and 38.2 Fibonacci-supports marked in my chart with the blue box and when Cardano manages to bounce within these zones this can indicate further risings to the upside and possibly new highs to be formed. Taking this into the consideration it is of utmost importance that Cardano holds these levels of support and do not falls below because this will invalidate the whole bullishness and increase bearish pressure ahead next times, for now, it will be important on how Cardano approaches the supports, it will be an interesting development.

Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and 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.

17 Mac 2021

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