CARDANO Broke All Time High, Now What ?
Updated
Hello traders:
ADA has been in a strong bullish pushed up from the HTF bullish reversal structure, and is now at the all time highs level.
From my previous analysis after price impulse out of the HTD descending strucu4tre, the price did indeed impulse up just as expected.
Now we are at the all time highs, few possibility can happen here.
While I am certainly bullish in this type of scenario, lets dig into what can we expect from the price this point onward.
ideally, we are going to get a consolidation here on the price, forming a bullish continuation on the lower time frames, and once the correction completes we can certainly get another move up.
So its best to be patient here to wait for the consolidation to happen and complete to confirm the next upside impulse.
Any continuation correction structure such as flag, channel, flat, triangle, pennant...etc. is sufficient and valid.
On the other hand, because the price hits all time high, we need to also consider a possibility of a reversal.
While I certainly favor the bullish bias and perspective, having a trading plan and forecast the different outcome will help us to be more consistent and sustainable.
So, if the price instead start to develop bearish reversal price action, say double tops, Head and Shoulder, Ascending channel, "M" reversal...etc.,
then that is a sign from the market that the bullish momentum is exhausted, and we might end up seeing a HTF double top and reverse down. So watch out for price development on the LTF is key.
Thank you :)
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