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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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.