Cardano analysis - 04/09/2021
Hello everyone
The price has formed a rising wedge pattern, breaking the support of the pattern, I expect a retracement to the 61.8 fibonacci level to position myself short to the -0.618 fibonacci level.
To confirm the movement I will wait for the price to show some reversal price candle pattern to confirm the downward movement.
The daily price structure is bullish, but this depletion pattern could indicate a price pullback before the next bullish momentum.
You can leave your opinion below, thanks
Trader Dark Eyes
Information about the chart:
White line: TF 1D
Yellow Line: TF 12H
Gray Line: TF 4H
Blue arrow: Possible projection
Horizontal white line: Supports and resistance
Red line: Channels and patterns
The price has formed a rising wedge pattern, breaking the support of the pattern, I expect a retracement to the 61.8 fibonacci level to position myself short to the -0.618 fibonacci level.
To confirm the movement I will wait for the price to show some reversal price candle pattern to confirm the downward movement.
The daily price structure is bullish, but this depletion pattern could indicate a price pullback before the next bullish momentum.
You can leave your opinion below, thanks
Trader Dark Eyes
Information about the chart:
White line: TF 1D
Yellow Line: TF 12H
Gray Line: TF 4H
Blue arrow: Possible projection
Horizontal white line: Supports and resistance
Red line: Channels and patterns
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