Cardano | Tipping point, beartrap ahead?
Updated
Cardano has been trading in a triangle for the last weeks. Considering the directional trend and previous dump, one could assume this triangle might break to the downside this week, maybe today. There is not much room left.
Projected target could be somewhere around 1.7$, but I would definitely not short this, since this could all turn into a nasty beartrap around 2$. However, if 2$ breaks without hesitation, it might reach its target. If we see 2$ hold for a day or two, it might just reverse and break through the breakout level, so basically a beartrap as mentioned.
Stay safe.
Projected target could be somewhere around 1.7$, but I would definitely not short this, since this could all turn into a nasty beartrap around 2$. However, if 2$ breaks without hesitation, it might reach its target. If we see 2$ hold for a day or two, it might just reverse and break through the breakout level, so basically a beartrap as mentioned.
Stay safe.
Note
Wow, that was quick. Reached 2$ in minutes, which increases the chance that it will drop below 2$ coming days, maybe even reach its target.
Trade active
Long from 2$, target in the chart.Trade closed manually
Changed my mind. This could all just be a bearish retest of the triangle and it just won't move. Usually 2$ needs to hold but not sure. Don't want to hold this over the weekend anyway. Ditched.Note
This would be the better trade, so waiting for a scenario like this.
Note
Dodged a bullet. Phew.
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