Golden Cross on Cardano
Cardano is looking bullish here against BTC (and even more so against USD). We are about to get a Golden Cross with the 50MA about to cross above the 200MA on the Daily.
One thing to be careful of is whether this is indeed a break out of the bottom or just a product of being more or less in a sideways channel against Bitcoin since August. It has however been finding support on an upwards sloping trend line which suggests a move up from here is more likely.
A logical place to stock up for long positions would be around 550 Satoshis, shown here as the green line. Here we have a nice confluence of two fib levels as well as previous resistance. A sensible Stop Loss would be the .786 level, which is 505 Sats and equates to about 7.6%.
You could even ladder down your buys to 530 where there is also a double cluster of .618 and .5 fib levels, however this would mean re-entering the channel and probably a longer term play with a stop around the 200 Day MA.
One thing to be careful of is whether this is indeed a break out of the bottom or just a product of being more or less in a sideways channel against Bitcoin since August. It has however been finding support on an upwards sloping trend line which suggests a move up from here is more likely.
A logical place to stock up for long positions would be around 550 Satoshis, shown here as the green line. Here we have a nice confluence of two fib levels as well as previous resistance. A sensible Stop Loss would be the .786 level, which is 505 Sats and equates to about 7.6%.
You could even ladder down your buys to 530 where there is also a double cluster of .618 and .5 fib levels, however this would mean re-entering the channel and probably a longer term play with a stop around the 200 Day MA.
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