Trade Recommendation: Cardano

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The near term bias has shifted to the buy side with the Daily Pivot Range holding support at the time of writing. Cardano looks like it could set up to go higher if it can show price confirmation above the ‘A’ up line. Currently the price has pulled back but remains stuck within the range of the 3 Day Rolling Pivot Range.

The narrowness of the Daily Pivot Range is a good sign that the market could be winding up for a slingshot move out of the channel that has been in place for the last day and a half.

So the action to take is to buy if the price trades at or above the ‘A’ up line for at least 15 consecutive minutes. Place the stop loss below the swing low which is also below the Daily Pivot Range low.

Cancel this signal, if not triggered, at end of the session.

Entry Price: 0.1643903
Stop Loss: 0.15780000
Profit Targets: First profit target 0.1740000. Second profit target 0.1795000. Once price reaches first profit target bring stop loss to breakeven (entry point).









Disclaimer: The writer owns Litecoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

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