Potential Inverse H&S for Cardano
Updated
4H - ADA/USDT - Binance
Cardano is setting up well for a potential inverse h&S. The neckline has been strong resistance, thwarting six candles so far. Yet if this pattern prints, it could mark the 7th or 8th attempt at breaking through $.34. Bbands are starting to neck down for a consolidation within the potential RS. I'm looking for an uptick in volume upon approach to the neckline, then a candle close above $.34 for confirmation. Given the way things have ran recently, I wouldn't be surprised to see the neckline get obliterated and a rally to around $.385 (weak resistance) within a week.
I've been playing with this chart and wanted to share. This post is not investing advice and cryptocurrency trading is high risk.
Cardano is setting up well for a potential inverse h&S. The neckline has been strong resistance, thwarting six candles so far. Yet if this pattern prints, it could mark the 7th or 8th attempt at breaking through $.34. Bbands are starting to neck down for a consolidation within the potential RS. I'm looking for an uptick in volume upon approach to the neckline, then a candle close above $.34 for confirmation. Given the way things have ran recently, I wouldn't be surprised to see the neckline get obliterated and a rally to around $.385 (weak resistance) within a week.
I've been playing with this chart and wanted to share. This post is not investing advice and cryptocurrency trading is high risk.
Trade active
RS materialized much quicker than I thought. First retest of the neckline was swiftly denied, monitoring the current chop to find an additional entry point for the rebound attempt.Note
Wen moonTrade closed: target reached
5 days, 35% gain in price.
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