In our last Cardano analysis, we were waiting for a breakout which we got. Price moved up 30%! If you didn't manage to catch that trade, that's okay. We may get a second chance!
Price is still within the descending channel (reversal pattern). We could potentially be making a 5 wave corrective price action back to the $1 level where we have our perfect Buy level. If price doesn't reject the descending channel and 50 fib, hold your longs as it means that we've broken out already.
Trade Idea:
- keep an eye on the descending channel and 50 fib for rejection
- IF we do reject, watch for price to come back down to the $1 level
- Watch for bullish price action at $1 and enter with stops below that level
- Target the recent highs as first target and then hold the rest and actively manage the position
What do you guys think?
Price is still within the descending channel (reversal pattern). We could potentially be making a 5 wave corrective price action back to the $1 level where we have our perfect Buy level. If price doesn't reject the descending channel and 50 fib, hold your longs as it means that we've broken out already.
Trade Idea:
- keep an eye on the descending channel and 50 fib for rejection
- IF we do reject, watch for price to come back down to the $1 level
- Watch for bullish price action at $1 and enter with stops below that level
- Target the recent highs as first target and then hold the rest and actively manage the position
What do you guys think?
