Quick update on the Cardano markets, while clearly still in a bearish trend against Bitcoin, lets take a look at the charts to see what we can expect in the future.
Taking a look at the 4hour chart we can see that the 20MA has acted as a good indicator for resistance, confirmed by the down trend line. We have a small divergence between the momentum indicator and the trend, and should momentum continue to grow like this we will surely test the resistance, if the bulls come to the party, there could be a possible breakout scenario on the market.
Patience is needed to trade any breakout situation as resistance levels can get tested many times before a eventual breakout. Traders try to identify the best price action to signal the breakout trade.
Currently resistance is around 0.00001760 btc to 0.00001800 btc, the breakout could occur after consolidation above this zone, be patient and wait for the market to show the way forward.
To keep it real we have to look at the support, and bear in mind, should this fail, we will find even lower prices incoming in the future. I would put support at 0.00001700 btc, should this level fail, wait for lower prices and open interest to build in the market, patience is key. Safe trades.