bitdoctor

Cardano (ADA) - Breaking out or breaking down?

Long
BINANCE:ADABTC   Cardano / Bitcoin
Not financial advice. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.

Here's a chart I think I can get behind. Outside of the rejection of the 21EMA back on May 15 and 16th, we do look like we're going to try it again so there's likely a play at least from 1025 to 1100 but if it can overcome 1100 then the next resistance is at about 1225.

Our monthly kill is at 1317 as we spiraled out of control once the month opened. Sell in May and walk away would have been perfect for Cardano this month. June may be another story.

Watch for the trendline support and honor it. To be quite honest, if you're going to try and swing Cardano, now would be the best time. We just dropped 53% from the high at 1944. Let's see if we can keep going up from here.

It's clear that we have broken out of the channel we were in the entire month of April therefore that leads me to believe we do end up going up from here. Be safe with your trade though.

Trade Safely Friends.
<3 -CE-
The BitDoctor Team
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