CAN trade ideas
the B wave of the 2nd is nearbutterfly harmonic pattern:
X=$24.46
A=$1.38
AB=0.78 XA
BC=0.88 AB
0.78 BC=$8.59
0.88 BC=$10.5
0.88 XA=$17.62
1.13 XA=$35.54
1.6 BC=$45
1.27 XA=$53
1.41 XA=$79.5
2 BC=$96.82
1.6 XA=$144
2.24 BC=$156
CAN Megaphone and Wyckoff Accumulation PatternCAN is printing a Broadening Bottom Megaphone pattern on the CAN daily chart; the RSI looks to be increasing on the price lows indicating increased momentum.
Zooming out it also looks like an accumulation pattern has been forming over the past several months.
The megaphone may work as the "Spring / Test" stages for Phase C if it plays out and bring the price back up into the recent trading range.
If the Megaphone breaks down, then it may be a take a while to climb back.
I am not a financial advisor or professional trader by and stretch, so please do your own research.
$CAN Canaan (Bitcoin Miner)Holding that critical level there at 4.55, looking left, a backtest of this level here leads to substantial upside to the likes of 400%. Real nice consolidation taking place with bullish divergence on the Daily. I think all its going to take is a strong move from Bitcoin to really get some of these sympathy/mining stocks running.
CAN Canaan Inc. only 8.87 P/E Ratio (TTM)Net revenue in Q4 increased by more than 5,700%;
Gross profit of $233 million VS last year's profit of $1.4 million;
Full year net revenue of $783 million VS $70 million for 2020;
Net income $314 million VS $34 million loss the year prior;
CAN Canaan 8.87 P/E Ratio (TTM).
Based on financials and technical analysis, i think $7.25 and $10.10 are possible targets.
100% Gain Potential!breaking the downtrend strongly, and passing the first major resistance, makes it easier for a bullish rally!
Canaan reversal coming soon. Technicals: RSI is oversold and looks like it is reversing. The price has also reached a long term support of around $4.6.
Fundamentals: Canaan stock has a high correlation with the price of Bitcoin as they produce the hardware to mine Bitcoin. The market cap is under $850 million. The bullish news is the sale of 30000 of their flagship Avalon mining kits to Genesis Digital Assets (buried in their latest SEC filing investor.canaan-creative.com). The price of the latest Avalon miner is between $6500-$8500 (cryptominer.deals). This equates to around $180 million in sales (if we use a lower end cost of $6000 per miner). Genesis Digital Asset also has the option to purchase an additional 150000 units in the future (the total options are for 180000 units minus the purchase of the recent 30000 units). If that sale goes through, its an additional $900 million in sales which could make this stock highly undervalued. The rise in bitcoin price will cause the stock price to also rise alongside. This may be a good long term hold.
Price target: $15+
Note: This is not financial advise. Please do your own research.
$CAN$CAN
that last price drop indicate that correction not yet done. there could be relief bounce soon but be carful when trading against the trend .
CAN - Momentum Stock on UptrendCAN is forming higher high and higher low. Uptrend. For validation, EMA line started to form golden cross.
But do take note, currently hitting resistance line at 10.60. Monitor for breakout pattern.
Risk/Reward Ratio seems promising.
Disclaimer: It's my personal opinion. It is not meant to be a recommendation to buy or sell securities :)
CAN wants to continue its rally😛we were clearly being held back by the top trendline resistance for the past few months.
today we are finally breaking through that trendline resistance, now if it breaks the blue zone above it may go for a parabolic breakout to 20+
over 10.5/11.5 we can target 14.63/18.03/20.08
CAN - Canaan Inc.Potentially due to the recent fall in cryptocurrencies, CAN is putting in what looks to be an Inverse H&S pattern that could target a price near $18 per share. With so many great technologies being developed, not only for crypto mining, but other Artificial Intelligence technologies, could send price to new ATH's.
RSI says great buy
$CANIt seems as if we have completed the retracement after the impulsive wave.. As long as Bitcoin continues to show strength we can expect a nice move towards the upside.
$CAN Inverted Head & Shoulders$CAN Daily looks ready to break out of this reversal pattern (IHS), the weekly chart shows MACD crossover, and we are seeing nice accumulation during our last sessions.. Here are a couple targets I set for this swing play.
US - Canaan - Aug 2021 (2)- daily chart currently show inverse head and shoulder pattern.
- DMI indicating strong uptrend.
- Stoch indicating few more days of upward movement until it enter overbought region.
- high probability to break out next week.
- break out is confirmed if the volume is significantly higher from previous trading day.
"Market is always right"
August 2021 - CAN - in Daily chart, since it rebound at Fibonacci .618 from the lowest price, there is high probability it currently forming the third wave of Elliot Wave.
- DMI is indicating strong uptrend and Stoch indicating there is few days of uptrend before market decide to continue uptrend or to do correction.
- RED resistance lines are for reference to exit and reentry.
- in Weekly chart, although DMI is showing uptrend, it is still weak signal and Stoch also not yet confirm to continue uptrend or to break downwards.
- in Monthly chart, DMI indicates strong uptrend and Stoch indicates the beginning of uptrend.
- although it may going upwards, since it is a Monthly chart, with factoring in the analysis from Daily and Weekly charts, and considering the low price, expect strong turbulence during the upward journey.
"Market is always right"
CAN LONGInverse Head and Shoulders, measured move = $15
I'm long Oct 15th $15 call and common stock.
CAN - Possible shortHello Traders,
If CAN failed to breakout, we weill enter in a short position.
* You may take your profit all the way down.
* SL will be 7.40$.
Happy trade.
*** This is not a financial advice, I'm still a beginner trying to share my road here.
Happy trade.
