Conclusion for today’s Cardano technical analysis:
Confirmation of a double bottom implies higher prices in Cardano.
Cardano analysis is presented on its 6 hour (intraday) timeframe with a quick look at the current downtrend starting from April 03, 2019 to current date.
The dominant chart pattern identified is a falling wedge, which is ideally bullish and suggests a resolution of prices higher upon completion (confirmation) of the pattern. Price did breakout of the wedge on August 21, 2019 and has been followed by sideways price action.
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The ranging movement in price includes August 10 and September 06, 2019 price lows that helped produce a double bottom chart pattern with confirmation occurring on September 18, 2019.
Added confirmation is provided by the slope of both moving averages turning positive. A break below 0.00000435 decreases the chance of any bullish momentum resuming from the current ranging environment, and rather suggests more downside action.
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Our previous Bitcoin technical analysis before the current price rally was also posted for FREE and can be found here.