CAN... you breakout this time?CAN has been punished. Is it finally over?
IMO it is time to revive!
CAN, once you breakout above the YELLOW trend line, I will welcome you back into my portfolio 😉 (but not before...)
CAN trade ideas
CAN: Head-and-shoulder bearish signalAs devastating as it is today, the worse is yet to come. It's possible that CAN retract for a day or two but the downtrend is inevitable and most likely won't stop for another %50 loss. This was not unforeseeable considering the gap that was about to be filled as you can see in white boxes.
CAN trade shortThe analysis is as follows
We have made a head and shoulders and broken the neckline
It appears that we are making an abc to the downside.
The wave A and B have finished and were incredibly clear.
Currently we are in the developing wave 3 of the wave C, and I assume that this will take us down to the 10$ mark. This 20 dollar mark is the 1.618 of the wave one of the wave C and the 0.8 fib retracement of the greater wave.
10 Is also an incredibly strong psychological number, hence why I assume it will move down to here.
I am assuming that it will move down to here by the end of the week.
Assuming this channel holds, we will see a minimum 11.64. A break from this channel could possibly discredt my wave count.
My only concern would be that the wave 5 of the wave 3 doesn't go as low as expected, but judging by the volume behind the earnings drop, I am going to assume that there is lots of bearish momentum behind this stock.
Longterm target is around the 5$ mark.
dip entry here ?nice dip entry here for CAN, oversold RSI and if it breaks top trendline we can see a test of 22-25 resistance. on watch, please like and follow if you like my ideas :) thanks
CAANAN SET TO RIP! over $20 amid Coinbase IPOCaanan took a tumble earlier this week due to some FUD journalism and fears of a Bitcoin dump, however this Bitcoin Mining stock could not be more undervalued today as it surged back 15% in early amid new Bitcoin all time highs and a hotly anticipated Coinbase IPO debuting tomorrow. If you are looking for an extreme value play in the crypto space this week, cash in on the current hyperbullish wave of sentiment and take a position in CAN. With the chart forming a technical double bottom I expect extremely high percentage gains to capture it's former $20 price ad bitcoin trades up to over $80,000 in the near term. Cheers, and good luck my fellow cyrpto bulls. Peace!
A long shot ray of sunshine for current CAN hodlersFor those of you stuck in a long with this nightmare, sleep a little easy hoping that the current nosedive can play out like this fairly recent H&S that began forming on March 1st. The current one is much bigger but if it resembles the baby one relatively speaking, then maybe, just maybe this thing still has a chance to rebound Thursday afternoon and board the BTC train if it has any steam left in the engine by then. I honestly don't see this week being salvaged for CAN but who knows?
Head and shoulder in CAN chart..!I published a private short idea on April 7th when CAN was traded at 18.15.
Time is the best Judge, and shows how accurate my analysis is..!
for evidence check the link
CAN Analysis $CAN | #Analysis | #StockMarket
Price Target 30.43 🎯
Bull Flag ✅
Volume Exhaustion in Downtrend ✅
Higher Low being Made above 50EMA ✅
RSI Curling Up ✅
Entry on Break of 21.60 with Confirmation ✅
Invalidated below 15.60 ❌
Wait for breakoutWait for the YELLOW resistance line to be broken with a breakout candle before entry into CAN.
Then we could see a fast push to upper trend line where profits can be taken and a triangle sell off follows (as before)
Canaan - Bitcoin Mining Hardware Solutions and AI Chip MakerLeveraging off the surge in Bitcoin popularity, Canaan is an interesting company that focuses on pure horsepower for CPUs processing Bitcoin and more importantly AI.
Big recovery today after getting back to a good support area, with quite a bit of upside to old highs. At $20 a share could be a good target for retail investors particularly to push.
From their website: Canaan Creative, known simply as Canaan, is a China-based computer hardware manufacturer. Established in 2013 by N.G. Zhang, Canaan specializes in Blockchain servers and ASIC microprocessor solutions for use in bitcoin mining. Initially, Canaan mainly developed FPGA products based on the SHA-256 algorithm
TradingView Description: "Canaan, Inc. provides high-performance computing solutions to efficiently solve complex problems. Currently, the company is focused on the research and development of advanced technology, including such areas as AI chips, AI algorithms, AI architectures, system on a chip (SoC) integration and chip integration. Using the AI chip as its base, Canaan has established an intellectual value chain. The company also provides a suite of AI service solutions and is able to tailor these solutions to the needs of its partners."
Worth keeping an eye on.
Only valid if it doesn't break 27$-Teal colors are the support levels-
Red- Colors of lowest lows
Green - Highest highs
I believe we established support at 27$ mark
if it goes below this support level expect further decline to test each level of support!
If we stay above the 27$ mark in the next few days I expect a break out further ahead -testing uncharted new highs!
This stock is highly correlated with BTC pricing as well.
This is not a suggestion to invest.
Manage your own risk to the market!
I create these to help educate myself and provide samples for learning purposes.
You can support my continued education of stock analysis by:
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Long $CAN on breakout out of channel / wedge and steep pullbackWent Long on $CAN after breaking out of channel or wedge, on the end of quarter, after a very steep pullback, and in the context of Tech and Semis being strong.
- Entry: At 20.64 underlying, 2 vertical debits @ 22.5 / 45 strikes, for 3.19
- Target: 30 to 32 underlying, will look to hold half in case of a runner.
- Stop: Daily close and acceptance below 14
ALL blockchain stocks are 1 WEEK behind in priceBitcoin is running to alltime highs. I have taken deep positions in RIOT, MARA, CAN, and XNET.
Price action is lagging a week behind, but will soon snap to attention once the heard wakes up. Don't be late!
New longer term price path for CANNIt seems like a new 'longer term' price path for CANN has been setup with the recent pullback. This could be due to the recent decline in cryptos and the change in rules around crypto mining in China, but that's simply a guess.
The fib. retracement suggests the price may test a new possible resistance area around $30; at that point I would expect another pull back to widen the stance on the overall valuation.
Remember, all this is pure speculation and is not financial advise.
ABC targets with shark pattern and cypher reversal scenarioin the path of the slide must retest key level of the Fibonacci
CAN Bounding off Trend Line / Fib?Could CAN be bouncing off of trend line and 0 fib line? Interesting that the trend line and the fib intersect right where CAN found support this week. Thoughts?
Canaan Could be a good entry opportunity if it closes the gap and bounces of it's weekly EMA support at 13$
So we have:
1. A potential retest of weekly 21 EMA
2. Closing it's Gap at 13$
3.A potential cup, and handle forming
The market is nuts right now+this is a volatile stock, if it goes below this range, i'm not touching it nor at the moment. ( Unless there will be a big bounce, and a closing candle on a daily chart above 50 EMA-18$ )
CAN potential breakout dates, uptrending channel$CAN looks like its in a wide uptrending channel, and using the fib timezone tool on a key trendline support and gap I was able to locate some key potential gap days (as seen by the vertical blue lines).
CAN follows Bitcoin and jumps on Fed newsThe Federal Reserve now sees inflation running to 2.4% this year, above its previous estimate of 1.8%. The central bank now expects real gross domestic product to grow 6.5% in 2021, compared with its 4.2% forecast from its December meeting. The Fed estimates the unemployment rate will fall to 4.5% in 2021, below the previous estimate of 5%. Do your own due diligence, your risk is 100% your responsibility. You win some or you learn some. This is for educational and entertainment purposes only. Consider being charitable with some of your profit to help humankind. Good luck and happy trading friends...
*3x lucky 7s of trading*
7pt Trading compass:
Price action, entry/exit
Volume average/direction
Trend, patterns, momentum
Newsworthy current events
Revenue
Earnings
Balance sheet
7 Common mistakes:
+5% portfolio trades, risk management
Beware of analysts motives
Emotions & Opinions
FOMO : bad timing
Lack of planning & discipline
Forgetting restraint
Obdurate repetitive errors, no adaptation
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Trading View app!, Brokerage UI
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Reading books, playing chess
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Checkout my indicators:
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Long | CANNASDAQ:CAN
Possible Scenario: LONG
Evidence: Price Action
TP1 ~ 37.5, TP2 ~40, TP3 ~45
This is my idea and could be wrong 100%,
