CAN - Canaan Inc.Potentially due to the recent fall in cryptocurrencies, CAN is putting in what looks to be an Inverse H&S pattern that could target a price near $18 per share. With so many great technologies being developed, not only for crypto mining, but other Artificial Intelligence technologies, could send price to new ATH's.
RSI says great buy
CAN trade ideas
US - Canaan - Aug 2021 (2)- daily chart currently show inverse head and shoulder pattern.
- DMI indicating strong uptrend.
- Stoch indicating few more days of upward movement until it enter overbought region.
- high probability to break out next week.
- break out is confirmed if the volume is significantly higher from previous trading day.
"Market is always right"
August 2021 - CAN - in Daily chart, since it rebound at Fibonacci .618 from the lowest price, there is high probability it currently forming the third wave of Elliot Wave.
- DMI is indicating strong uptrend and Stoch indicating there is few days of uptrend before market decide to continue uptrend or to do correction.
- RED resistance lines are for reference to exit and reentry.
- in Weekly chart, although DMI is showing uptrend, it is still weak signal and Stoch also not yet confirm to continue uptrend or to break downwards.
- in Monthly chart, DMI indicates strong uptrend and Stoch indicates the beginning of uptrend.
- although it may going upwards, since it is a Monthly chart, with factoring in the analysis from Daily and Weekly charts, and considering the low price, expect strong turbulence during the upward journey.
"Market is always right"
$Can #Can you see the gap???I have been eyeing this gap for awhile, wondering if it was ever going to get filled, now its starting to look like it will. I don't know much about this company, but I am under the impression it has some relation to cryptocurrency which I am pretty bullish on, so in the $6.06 range I will be a buyer here. Not financial advice
Canaan Inc 🧙Canaan Inc is a developer of supercomputing chips and the manufacturer of digital blockchain computing equipment as well as the supplier of the overall scheme for computer software and hardware of digital blockchain. The equipment manufactured by Canaan is sold to many countries including China, the United States, Hong Kong, and other foreign countries. It derives a vast majority of the revenue from China. Its product includes Kanzhi Al and Avalon Mining Machine.
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CANRevenue of $61.5M (+538.0% Y/Y) **** As the Company mass produces its new generation of Bitcoin mining machines, it also expects its yields and deliveries to increase substantially as compared with the first quarter of 2021. The Company recognizes that the trends in Bitcoin prices are currently hard to predict and cannot provide financial guidance due to Bitcoin's price volatility in late May of this year.
seekingalpha.com
canaan.io
BUY NOW!! I believe bottom resistance has finally been touched..The resistance from last year is now acting as support for the downtrend and since it has recently touched the bottom resistance I believe after a bit of sideways action this stock has the potential of atleast 5X in the near future. let me know what you think?