Crypto Crow: Cardano dey feel like 2020 again

Crypto Crow compare Cardano recovery with the market condition wey e remember from 2020 during im September 18 livestream. Im outlook still dey optimistic, although e expect another sharp Bitcoin pullback before the broader advance wey e dey anticipate.

Cardano Recovery From Its Local Low

Crow talk say ADA don dey approach $0.22 again after one local low wey e put near $0.13. E describe the recovery as sustained move inside one ascending channel.

“E dey feel like 2020 to me,” e talk, explain say the comparison make more sense to am pass references to the 2018 market.

As e dey discuss im own exposure, Crow talk say im Cardano trading position recently don near break-even. E explain say to identify broader chart patterns suit am pass to dey trade short-term moves on 15-minute candles, where e fit begin second-guess im decisions.

Even though na so, im market outlook still include more volatility. Throughout im review, e keep come back to one potential Bitcoin correction wey e believe fit renew doubts about whether the bear market don end.

Bitcoin Rally and October Pullback Scenario

Crow compare Bitcoin current daily chart with one pattern from late 2022 enter early 2023. E highlight similarities for heavy selling candles, bottom formation and the recovery wey follow toward resistance.

E expect move toward about $88,000 to $89,000 over the next several days. E acknowledge say the historical pattern no go translate exactly and e still mention possibility of slightly lower local peak.

After that, im scenario call for sharp correction toward $71,000 for October. E believe say that decline fit scare traders wey see the rally before as confirmation of lasting reversal.

Crow separate this projected pullback from the low near $57,700, wey e consider as the bear market bottom. For im interpretation, the October level go form later, higher local bottom before stronger advance.

Midnight Holdings and Potential Trade Exits

Crow talk say NIGHT na im biggest portfolio holding and e show confidence for Midnight prospects during market recovery.

E apply the 2020 Cardano comparison even more direct to Midnight, talk say im chart and the sentiment around am remind am of Cardano during that earlier period. E mention selective privacy and the generation of transaction resources among the features wey make am interested.

Crow talk say e hold im Midnight trading position through recent loss because e expect reversal, and e report say the position later move enter profit.

E still identify Bitcoin anticipated local peak as area where e fit close open trades.

“I fit very well start to dey close these trades,” e talk as e dey discuss the projected move toward that area.