Was .72 the bottom today on Cardano?
Cardano has been very bearish along with most of the cryptos for some time but the good news is price did hit .72 support today..
In this idea I am looking at the daily chart of Cardano and breaking down the key areas of support and resistance. For ADAUSD to change from a choppy/downtrend I would need to see the current trendline taken out but most important a close back above those very important resistance levels of 1.00 and 1.20.
If it can do that and it is an if, then the trend would be changing to an uptrend, especially if 1.60 resistance is taken out as well.
Trend is your friend always in trading but that doesn't mean I do not take countertrend positions as well. When price is very overextended I often go countertrend.
For the most part though it is always best to follow the trend and right now Cardano is not in an uptrend so I will wait till those levels get broken.
A lot of people like to buy when price is dropping hoping they got in at the bottom, but hope does not work in the trading world and this method will more often than not lead to a lot of stress and more losses.
In this idea I am looking at the daily chart of Cardano and breaking down the key areas of support and resistance. For ADAUSD to change from a choppy/downtrend I would need to see the current trendline taken out but most important a close back above those very important resistance levels of 1.00 and 1.20.
If it can do that and it is an if, then the trend would be changing to an uptrend, especially if 1.60 resistance is taken out as well.
Trend is your friend always in trading but that doesn't mean I do not take countertrend positions as well. When price is very overextended I often go countertrend.
For the most part though it is always best to follow the trend and right now Cardano is not in an uptrend so I will wait till those levels get broken.
A lot of people like to buy when price is dropping hoping they got in at the bottom, but hope does not work in the trading world and this method will more often than not lead to a lot of stress and more losses.
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