Will we be able to break this 2.5 year cup n handle next month?
Before we take a look at our long term targets, let's look to see what the market is doing in our 4 hr chart.
We found support at one of our previous resistance. Our 81 EMA (purple) held as support with a sharp impulse wave that pushed up to our 0.17$ resistance once again. With 0.156$ holding support. It makes me more confident to trade at 0.156 support or at 0.175 resistance breakout with SL < 0.156. If we manage to break out of 0.175$, we have a good chance of testing 0.20$
Going to our longer term direction, we're taking a look at our 1 weekly chart. As you can see we are testing a trendline that has been resistance for around a year and a half. So I'm expecting a pretty decent breakout if it's successful. We made a bounce off both our EMA(21/81) as they are still in a bullish crossover. I expected a pullback but we flash crashed and bounced right back up. We however are showing some bearish weekly divergence's on our RSI and MFI. But if we can get a clean break above 0.20$, and make support at 0.175$, we might be able to see 0.30$ Cardano.
We found support at one of our previous resistance. Our 81 EMA (purple) held as support with a sharp impulse wave that pushed up to our 0.17$ resistance once again. With 0.156$ holding support. It makes me more confident to trade at 0.156 support or at 0.175 resistance breakout with SL < 0.156. If we manage to break out of 0.175$, we have a good chance of testing 0.20$
Going to our longer term direction, we're taking a look at our 1 weekly chart. As you can see we are testing a trendline that has been resistance for around a year and a half. So I'm expecting a pretty decent breakout if it's successful. We made a bounce off both our EMA(21/81) as they are still in a bullish crossover. I expected a pullback but we flash crashed and bounced right back up. We however are showing some bearish weekly divergence's on our RSI and MFI. But if we can get a clean break above 0.20$, and make support at 0.175$, we might be able to see 0.30$ Cardano.
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