ALGO-BTCGreetings,
I want to warn you right away that trading bitcoin now has a higher risk and is suitable for more experienced traders. As bitcoin price has its own volatility, and as you know with sharp movements whether it is rise or fall, alts in 90% of cases are falling down. So if you have little experience trade better to the dollar. The coin is available for trading to USDT on binance, OKEX and other exchanges.
You can read my past ideas for this coin below, in the attached ideas.
After the rise at the beginning of the year ALGO corrected 55% or 0.786 Fibonacci, and I think it is ready to go further and below I will give some arguments why I think so.
The coin is in sideways movement, a horizontal channel has formed, sometimes broken both up and down, but the outlines of the channel can be defined quite clearly.
At the moment, the price has approached its lower boundary. If it is broken down and secured inside the channel, it is very likely that the price will test its upper boundary at around 75% of the potential for a move.
Fractal
All trading is based on probability of price movement in the past and forecast of price movement repetition in the future.
Found an interesting situation on the chart, with a possible fractal now possibly forming on the chart.
The price moved on a downward arc, then the accumulation, only in the first case the accumulation was horizontal, in the second case it was inclined upwards, then the fall and pullback, in the first case it was about 45% now about 55%. Also we can see a stop pullout in the first case before the continuation of growth, now we can also see the same short squeeze.
After the pullback - continuation of growth, and formation of diverging triangle/ wedge, and completion of the bowl formation.
In the past, the price stopped at 5700 satoshi, thus forming Lower High from the last price peak, through them we will draw a trend line, which will be a resistance for the upside movement, near which we are likely to see a pro-trading (short-term sideways trend). A breakout and consolidation above the trend line will be an optimistic signal for continuation of growth. With this development on the chart, the potential for a price move through the levels.
If the bowl pattern is formed this time, the potential for it to work out at around 400%, from the neckline, which means a price of a fantastic 30,000 satoshi. But let's act like professionals and take profits without waiting for "to the moon"
Always use stop loss and don't use trading leverage higher than x3.
A trader should always have tomorrow.
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