Cardano needs to get back above 1.00 for the bulls
Looking at my video of Cardano I make a point how price needs to get back above the strong psychological level of 1.00 for the bulls.
Most of the cryptos have been pretty bearish lately and Cardano has looked very weak as well.
My last video I pointed out how the weekly time frame looked bearish because price was getting too far (overextended) from the moving average. Of course that was correct as the price did drop quite a bit.
My last video I did like the way the daily and monthly time frames looked but made a point where often when looking at a lot of time frames you may see some that look quite bearish while others make a case more for the bulls. This is very normal but it can make things confusing.
Although I liked those other time frames, I did say that price needed to hold 1.15 and 1.10 support which both got taken out.
Going forward on this one, I think I would first wait to see if this get's back above the 1.00 price and then I will reevaluate it. In the mean time the lows from yesterday and today need to hold up.
Most of the cryptos have been pretty bearish lately and Cardano has looked very weak as well.
My last video I pointed out how the weekly time frame looked bearish because price was getting too far (overextended) from the moving average. Of course that was correct as the price did drop quite a bit.
My last video I did like the way the daily and monthly time frames looked but made a point where often when looking at a lot of time frames you may see some that look quite bearish while others make a case more for the bulls. This is very normal but it can make things confusing.
Although I liked those other time frames, I did say that price needed to hold 1.15 and 1.10 support which both got taken out.
Going forward on this one, I think I would first wait to see if this get's back above the 1.00 price and then I will reevaluate it. In the mean time the lows from yesterday and today need to hold up.
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