#cardano #ada - Falling Reversal Wedge on "H6" forming
Good morning guys,
if we are looking at Cardano, I´d like to show how something that is called "Reversal Wedge" as many of you might know already. Currently looking at the H6 interval we have some good hints, that Cardano might form one of these, due to the last resistance bounce (Wedge High 3).
For further confirmation, please look yourself at the chart: We need to go lower than the Wedge Low 2 and bounce off that former support area, followed by a bullish break-out with the Wedge-Highs as future resistances. This chart pattern is actually pretty similar to the well-known Wyckoff-Theory due to the ongoing demand tests.
Naturally, this pattern has better odds to resolve bullishly. (And it can have more than 3 Highs + Lows)
As always there is a chance this pattern does not play out, resolves bearishly or does not hit targets. It´s an idea.
__________________________________
Warm regards,
Neru
if we are looking at Cardano, I´d like to show how something that is called "Reversal Wedge" as many of you might know already. Currently looking at the H6 interval we have some good hints, that Cardano might form one of these, due to the last resistance bounce (Wedge High 3).
For further confirmation, please look yourself at the chart: We need to go lower than the Wedge Low 2 and bounce off that former support area, followed by a bullish break-out with the Wedge-Highs as future resistances. This chart pattern is actually pretty similar to the well-known Wyckoff-Theory due to the ongoing demand tests.
Naturally, this pattern has better odds to resolve bullishly. (And it can have more than 3 Highs + Lows)
As always there is a chance this pattern does not play out, resolves bearishly or does not hit targets. It´s an idea.
__________________________________
Warm regards,
Neru
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