Good morning, Traders! Cardanos price has recently broken out of a smaller descending triangle to create this longer-term one. Most descending triangles have a very high chance to break bearish rather than bullish. Although, due to the magnitude that this break will entail, I don't believe holders and supporters of this coin will allow that to happen. If the triangle were to breakout to completion, the final price afterward would be in the negatives (which obviously isn't possible). This would mean that the volume would essentially completely die and all remaining volume would be bearish. Just holders selling off what they have before the price reaches 0. That is a very far-fetched claim to make. So, because these descending triangles still do, on occasion, break in the bullish direction, I believe this situation will show that. Along with the triangle, the price is reaching the end of its correction wave cycle. I am claiming that it is nearing the end due to the fact that the price is also consolidating now into a very tight area. The breakout of the triangle would also indicate the beginning of a new Elliott wave impulse wave cycle and the breaking of the 2/1 Gann fan indicator. This would also indicate a reversal into the bullish direction, if not just more bullish price movement.
Important Resistance Levels: 0.374, 0.450, 0.551 Important Support Levels: 0.2567, 0.208
DISCLAIMER
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
@roaken, So one of the things I've been noticing with these alts is that these bullish breakouts from that parabola you have is that the fakeout before the full breakout has been occurring much earlier (like now) rather than the end of the month where you have it marked. Ideally, I would say that the price point you have at the bottom marked by the green boxes is still around the best entry price, I just believe that there will be a short break followed by the actual bullish breakout sooner.
- Arham B.
roaken
⋅
You don't think it will flatten out before going back to bull market? Does that chart FIB retracements have a pattern of overly bullish levels? I haven't run the numbers yet.