After the recent crash in Crypto, the market has changed slightly. The corrective phase has just got bigger but we're still very much bullish.
For Cardano, we can see that the $1 level holds a lot of weight. On several occasions. price has reacted to the $1 level and successfully bounced from it. We are yet again approaching that level and we have a number of confluences supporting our bullish reversal idea.
We have:
- bearish fibonacci target of -0.618
- Corrective channel support
- Major structure level $1
Trade idea:
- Watch for price to hold the $1 level
- On the bounce, enter with stops below $1
- Target the recent highs as first target and then hold the rest and manually manage the position
This bounce may be the one that takes us to another ATH - lets not miss this!
For Cardano, we can see that the $1 level holds a lot of weight. On several occasions. price has reacted to the $1 level and successfully bounced from it. We are yet again approaching that level and we have a number of confluences supporting our bullish reversal idea.
We have:
- bearish fibonacci target of -0.618
- Corrective channel support
- Major structure level $1
Trade idea:
- Watch for price to hold the $1 level
- On the bounce, enter with stops below $1
- Target the recent highs as first target and then hold the rest and manually manage the position
This bounce may be the one that takes us to another ATH - lets not miss this!
