Cup and handle forming for Cardano?
Updated
*** This is not financial advice, I am in no way professional and this is my first post ***
We can see that on the hourly, Cardano have been respecting the Fib retracement from its last pump. According to past behavior, I think that Cardano could be forming a cup and handle pattern that would meet its first resistance in the middle of the 1 and 1.6 fib level, consolidate, and then we could potentially see the 1.6 fib level just under 1.4$.
I think that for this to happen, we would need to smash past the 1$ emotional resistance, which, from the enthusiasm that we can see from the IOHK members on Twitter, should happen easily next week or over the weekend with some huge announcements for Cardano (From my graph that would be between the 21st and 22nd). There are some rumors about supporting a huge chunk of the African economy on Cardano, but none of this have been confirmed (yet).
Let's see where this takes us
-An optimistic Cardano Hodlr
We can see that on the hourly, Cardano have been respecting the Fib retracement from its last pump. According to past behavior, I think that Cardano could be forming a cup and handle pattern that would meet its first resistance in the middle of the 1 and 1.6 fib level, consolidate, and then we could potentially see the 1.6 fib level just under 1.4$.
I think that for this to happen, we would need to smash past the 1$ emotional resistance, which, from the enthusiasm that we can see from the IOHK members on Twitter, should happen easily next week or over the weekend with some huge announcements for Cardano (From my graph that would be between the 21st and 22nd). There are some rumors about supporting a huge chunk of the African economy on Cardano, but none of this have been confirmed (yet).
Let's see where this takes us
-An optimistic Cardano Hodlr
Note
The pull back of the handle should be down to the support of 0.884$ before gunning it into space, if i'm rightNote
Well, we did it my brothas, we touched the resistance i said we would hit first (1.176$) with a little stop at the support I drew for the pullback at 1.071$! This played out like anticipated, but a little earlier than i thought. My guess is the Gene Simmons tweet was the catalyst of this premature bull impulse!/From here, I think we are going to see consolidation, probably as a bull flag over the weekend if no news happen. The pullback and the jump to the Fib retracement 1.6 is still in play!
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