Cardano breaks a Descending Triangle -which perfectly touched the bottom 3 times on the 4H- to the downside.
In the case for a short you should already be in a trade since the break of the higher lows at 1.18. If the bulls don't bounce from the 1.10 support, we can go towards 1 psychological and even 90 cents again, which would yield 10% and 20% on the short side unleveraged.
Correlation to Bitcoin is crucial: If Bitcoin keeps falling, Cardano could fall up to 8% more and has the room to do so on the Daily & still bounce from previous support. On the other hand, if Bitcoin bounces from here, Cardano will likely follow.
In the case for a short you should already be in a trade since the break of the higher lows at 1.18. If the bulls don't bounce from the 1.10 support, we can go towards 1 psychological and even 90 cents again, which would yield 10% and 20% on the short side unleveraged.
Correlation to Bitcoin is crucial: If Bitcoin keeps falling, Cardano could fall up to 8% more and has the room to do so on the Daily & still bounce from previous support. On the other hand, if Bitcoin bounces from here, Cardano will likely follow.
