Not financial advise. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.
Things are getting pretty interesting here. We've seen an interesting play where we capped out around 1350 and we had a huge rejection. We flew through the 23.6 retrace and recently broke the 38.2. That is sitting right at 1154. We've tried breaking up and going through it but I'm not buying it (figuratively speaking). We've been rejected at this level already and honestly, we've broken support which means it's resistance now. Anybody that bought around 1180 through 1220 is going to try and get out as cheap as they can. Imagine buying at 1300 or above on this run. I would assume they're pretty salty right about now.
Sadly enough, what goes up, will come down. Cardano will have its day but that day is likely not today. I've said this in my youtube videos that I've done in months past that when something goes on an impulse and you can't short sell it (even though you can short Cardano on BitMEX), you walk away. Plain and simple. Sure, buying at 1150 is probably going to be a bargain in a year, but if you're interested in accumulating as much as possible, you will wait until about 1030 or heck, even ~950 to buy again.
Looking at the trendline analysis, we can see the short term trend tried repeatedly to fight support at the 1180 range. Mid term trend basically gave up. Our long term trend doesn't hit until about 1030 which is the conservative target for this retrace. We'll see how long this takes. As for entering the trade, it's typically common for a break in trend to retest that trendline support (now resistance). You might want to sit this out until that retest happens. That should be in the 1180 to 1190 range. Just keeping it real for now.
It's possible this just shoots back up. The reward is pretty good for the risk if you're willing to take the trade. If you do, please use the stop loss. You have to know when you are wrong.
Things are getting pretty interesting here. We've seen an interesting play where we capped out around 1350 and we had a huge rejection. We flew through the 23.6 retrace and recently broke the 38.2. That is sitting right at 1154. We've tried breaking up and going through it but I'm not buying it (figuratively speaking). We've been rejected at this level already and honestly, we've broken support which means it's resistance now. Anybody that bought around 1180 through 1220 is going to try and get out as cheap as they can. Imagine buying at 1300 or above on this run. I would assume they're pretty salty right about now.
Sadly enough, what goes up, will come down. Cardano will have its day but that day is likely not today. I've said this in my youtube videos that I've done in months past that when something goes on an impulse and you can't short sell it (even though you can short Cardano on BitMEX), you walk away. Plain and simple. Sure, buying at 1150 is probably going to be a bargain in a year, but if you're interested in accumulating as much as possible, you will wait until about 1030 or heck, even ~950 to buy again.
Looking at the trendline analysis, we can see the short term trend tried repeatedly to fight support at the 1180 range. Mid term trend basically gave up. Our long term trend doesn't hit until about 1030 which is the conservative target for this retrace. We'll see how long this takes. As for entering the trade, it's typically common for a break in trend to retest that trendline support (now resistance). You might want to sit this out until that retest happens. That should be in the 1180 to 1190 range. Just keeping it real for now.
It's possible this just shoots back up. The reward is pretty good for the risk if you're willing to take the trade. If you do, please use the stop loss. You have to know when you are wrong.
Trade active:
With Bitcoin making that move upward today and most alts recovering slightly, Cardano might hit the stop. The stop we placed was right at the bottom of that rising trendline that was previously broken. If we push back into that channel things will start to get really interesting... in the meantime, just watching things at the moment.