ALGOBTC
Updated
A TOP DOWN ANALYSIS THREAD FOR ALGO BTC.
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On the daily timeframe, we have seen that market has been ranging since around August 2019 till date after a massive drop in price.
Again, we have also seen that is has been respecting a particular support level which also has an indication of its ATL (All Time Low).
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On the 4 hour timeframe, we have seen that there was a major downtrend which just recently broke out few days ago and had retested that trendline.
In addition to this, there are two confirmed SR zones drawn on the chart.
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On a 1 hour TF, recent price stucture seen is that the highs and lows of the market are kind of compressing to form a wedge after a major downtrend.
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So what am I expecting?I will be looking for entries on a 1 hour timeframe.
First of all, from the few points so far, we have seen that there are more bullish confirmations than bearish and so we will be looking for entries to go long.
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I have two options.
I will either wait for a breakout and retest on that downtrending trendine or support line or I will enter as price closes above the support line or the downtrending trendline putting the take profits and stop loss into consideration.
This trade idea will be invalid if price drops to the IDEA INVALIDATION AREA.
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