Stocks

Canaan Points Higher Within An Impulse That Can Extend The Rally For BitcoinFeb 20, 2025

Canaan with ticker CAN is the official creator of the World’s first ASIC Bitcoin Miner. Canaan is also the world’s leading manufacturer of Bitcoin miners and Avalon miners that creates value for the Bitcoin network. Well, what we see here is an ongoing five-wave bullish impulse into wave A/1 on the weekly chart, so there can be still room for one more leg up in the current cycle this year.

Canaan Points Higher Within An Impulse That Can Extend The Rally For Bitcoin CAN Weekly Chart
CAN Weekly Chart

On a daily chart it can be finishing an ABC correction in wave 4, where subwave (C) can be forming a small wedge pattern. So, if we consider that Cannan can see more upside for wave 5, then Bitcoin may also follow.

Canaan Points Higher Within An Impulse That Can Extend The Rally For Bitcoin CAN vs. BTC Daily Chart
CAN vs. BTC Daily Chart

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