SynergyTradingSetups

Everything Suggests 33c Cardano ADA

Short
COINBASE:ADAUSD   Cardano
Cardano broke down from it's consolidation structure and is now headed to the next level at 33c.

33c is:
- The next major level of support
- The 1.618 of a bullish butterfly (although not perfect)
- The exact measured move of the triangle

We had a bullish bias towards this consolidation structure, as we did for many of the altcoins, however that has now changed and we flipped bearish on the market short - mid term.
We managed to get out of the posted positions early before having to take significant losses.

Now the game plan is to short assets like cardano until they reach the next level or a bullish structure develops. The bearish bias will remain until this changes and we will constantly update. We will also not own or buy any of these assets until then.

As of right now we are short from 42.3c and will update with continuation patterns. We expect this to last a month or two from now before getting a clearer long term picture.
Comment:
Rejecting this past support for now but a return to 42c would not be surprising. We got out of our shorts at 37.5 - Will re-enter soon
Comment:
As we said above, a return to 42c would not be surprising and would not change anything. Let's see what happens in the next few days. Structure is still bearish.
Comment:
32c hit and exceeded. If we do not hold here, which seems likely for now, the next target is 29c. At 29c we would also complete a bullish shark with an 88.6% retrace.

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