Cardano has been trading inside a range for the past few days. We expect the range bound action to continue until the overall sentiment changes from bearish to bullish.
If the ADA/BTC pair breaks out of the range, we anticipate the start of a new uptrend. However, we want to enter a long position only after the price sustains the breakout for more than three days.
Therefore, the recommendation provided in the previous analysis is no longer suitable. We shall wait for the breakout to sustain and then suggest a buy. We don’t want to get caught in a bull trap.