Cardano, mid term tradingHappy Sunday everyone,
this analysis is a medium term analysis, which closes the position in the next two or three months.
In this analysis, I used a daily time frame, because if I used 4 hours, it wouldn't fit on 1 chart.
Cardano has touched channel up support that was formed since early November last year, and this pattern is still very strong and persists to this day.
We can take bullish steps now around the 0.5878 level, or wait to touch support again at the 0.5692 level, by pursuing the 52% profit projection at the up resistance channel at the 0.8710 level as profit target.
However, this time I recommend using a small margin, because it is not only the up channel that is formed, but also the head and shoulders pattern.
and if the up channel pattern breaks down, then what will happen is that bears will pursue the target of 0.3411 with a decline of -40%
My money management is simple in this trading,
I use 1% of equity without a stop loss and if the price falls to 0.3411, I make a buyback (martingale) with a volume of 2% or 3% of equity.
Hopefully this analysis is useful,
Don't forget to support and share this analysis.
Happy trading
