CARDANO - Where Are The Bulls?

2 Feb 2022

Cardano is finally near one of our reversal zone. We're currently sitting on the structure level that we bounced off previously. However, as we're expecting one more Bitcoin SHORTS, it is likely that Cardano may drop once more - to the 0.70 level where we have multiple fibonacci confluence. We can see that we're in a 5 wave impulsive move down and currently in the fifth wave. Fibonacci extension suggests that the 0.70 is the reversal zone.

Trade Idea:
- Watch Bitcoin to see if we make one more move down (see linked chart)
- If Bitcoin moves lower, watch for Cardano to hit the 0.70 reversal level
- Enter when you see bullish price action
- Stops below the rejected level
- Targets: 2.4, 3, manually manage the rest

Goodluck!