Cardano recovers above long-term support —Buy now, sell when up!

Notice the blue line on the chart—long-term support.

Yes, trading went below this level but it is recovering the same week, on the same session, on this exact same candle.

If you look at our stop-loss strategy, we focus on manual stop-loss. Weekly and monthly. Something like, "close a trade not only if the action pierces support but if the monthly (or weekly) session remains below the relevant level." That is, if the session closes below.

A pierce of support, on any timeframe, is not enough for us to close a good position, a trade. Why? Because we know the market is tricky and things happen just like it is happening today.

Yes, there was a strong crash but we are already back above support. The entire move is happening within just 24 hours, that is why is better to never use a stop-loss, not if you are trading spot.

Anyway, the action looks the same as June 2023. The action went below support just to recover followed by a massive bullish cycle.

The current session has a very long lower wick, this is a very strong bullish signal on its on, specially since we are looking at the weekly timeframe.

Cardano is now trading back within the opportunity buy-zone, great entry prices. Timing is also great because the bearish move is ending now which means bullish next. There can be bullish action for 1-2 months straight, it can be more. This is the bullish cycle—relief rally—we've been waiting for.

Buy now, but make sure to sell when prices are up.

Namaste.