Not financial advice. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.
Alright Cardano, I'll give you some love again. We've already discussed the first impulsive move and now we're looking at some sideways movement. I see this presently as distribution and not bullish enough to take any additional positions. This is what I do see:
A huge bearish dump throughout all of 2018 that really only stopped in mid-September.
Support at about 900 satoshis.
Currently we're bouncing off of support on the 100 daily moving average. We broke through it and have tested it twice.
Ok, so why am I not bullish yet. Well, let's just look at all the resistance we're about to come up against. We tested the first two already and failed. That's at 1330 and 1359. Next we've got to break through 1420. If we can break that then it's a fairly clean shot to 1537. There's just so much resistance to plow through.
I think we're going to make a test of 1300 again and probably get another rejection there. If we're able to break the recent high around 1315 then things may look a bit brighter in the short term. As of right now, I think we're about to get another top on the chart and retrace some more.
All in all, I'd probably stay away for a while since this asset has already taken a decent leg up. Maybe look for a short if that's your thing. That time is coming soon in my personal opinion.