Hello to all traders,
Hope that you all are allright, continuing studying & trading. Today I will talk about CDT, a token that I have been tracking for a long time now. Let's not waste time and dive into the chart...
Seeing the weekly chart you can easily undrerstant that is a long-term formation. It's a falling wedge and we know that falling wedges are a very good thing! RSI is in a good level of about 50 which is promising, I think.
Zooming into the weekly chart we can see that it has already breakout the falling wedge and also retested the support level. The green bar after the big red candle in approx. 2 days will be complete. And of course if probably will end in the same level as the red candle, means that its forming a strong support level. Hopefully after that point will perform an uptrend.
Now, we jump into the daily chart where we can see better the formation of the falling wedge. It's been a year more or less from the start point of this formation and as we all know the longer-the stronger, when we talk about patterns.
Also, the retest of the breakout means that the profits will be bigger!!
Into the 4h chart we can spot something like a cup, so maybe a cup & handle will perform there and we expect probably an approx. 30% uptrend before maybe retest again and continue higher. You can see some possible resistance-support levels at that point.
My ideas are for people that already have a little experience with trading crypto and analyze markets. I think that it's a good opportunity and I have already invested in this token. Thank you for reading my ideas!!
Hope you make some $$
Posted Using LeoFinance