Possibility of a breakout looming :>
Updated
Now amidst all the uncertainty and fear with the upcoming halving, I leave the possibility of anything happening open, and advise that you be careful and always use proper risk management when trading!
If using a sound risk management strategy, I think that certain alts (particularly the most promising ones - like algo) are looking favorable. This coin has bled a lot within the last few days, and the remaining supports are a lot stronger than the resistances. In fact, I don't foresee much difficulty breaking the resistance levels. What I think is the greatest factor to if we will see a breakout / trend-reversal is if enough momentum can be found to ignite it. I think the possibility of such seems to be favorable now, and offers a high reward to risk to ratio with a tight stop-losses at the close (but strong) resistance levels. We saw Bitcoin break-out yesterday, and sometimes alts actually stall for about a day before following Bitcoin's trend (this would be the optimal scenario, but the power of ALGO itself being a promising and desirable alt should also be considered). I'm long, let's see what happens!
If using a sound risk management strategy, I think that certain alts (particularly the most promising ones - like algo) are looking favorable. This coin has bled a lot within the last few days, and the remaining supports are a lot stronger than the resistances. In fact, I don't foresee much difficulty breaking the resistance levels. What I think is the greatest factor to if we will see a breakout / trend-reversal is if enough momentum can be found to ignite it. I think the possibility of such seems to be favorable now, and offers a high reward to risk to ratio with a tight stop-losses at the close (but strong) resistance levels. We saw Bitcoin break-out yesterday, and sometimes alts actually stall for about a day before following Bitcoin's trend (this would be the optimal scenario, but the power of ALGO itself being a promising and desirable alt should also be considered). I'm long, let's see what happens!
Note
meant to say a high *reward to risk ratioNote
I would actually even consider setting a tighter stop loss right @ 0.00002105, as the 0.00002149 support level is strong and if we're going to see a trend reversal, then we shouldn't be dipping too far into new lows. As for setting buy orders above the .00002320 resistance, it may be worth to wait for any possible halving - related bleed to pass. However, I can't predict how the halving will affect the price of altcoins (if at all), and I believe that the current support levels and the fact that this coin is already so undervalued warrant taking the risk of a long position in spite of it.
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