The Ellipse, or Lens, is either a consolidation pattern or topping formation. Gap we saw Thursday 29 Apr likely an Exhaustion gap. Higher prices seem unlikely given weakness overall but MFI oversold, RSI resting at support level; a brief bounce seems likely. Longer-term, expect correction to support at former price resistance. Not investing advice; trade at...
ALGO has been following the bottom of the yellow ellipse down as BTC continues to drop. If that ellipse holds, it could ride back up after touching $1.05 or even $1.03. However, if it breaks below that ellipse, it’s unclear to me how far it falls from there. Trade carefully.
BTC tanking has resulted in ALGO trading in between two ellipses - one acting as support, and the other as resistance. Hopefully it holds here, or we could see a more major correction down to the $1.09 area. Unless BTC has a major rally to lift ALGO back up, it looks as though that major green ellipse will be acting as resistance rather than support.
Even with the pummeling BTC gave ALGO yesterday and today, after it paused at each ellipse boundary and ultimately crashed through, it has held the bottom of that red ellipse. I had put a tentative buy target of $1.1950, just above the lower boundary of the red ellipse, in case it fell that far. As this recent dip was underway, and it started falling towards that...
BTC is still tapping on the edge of the blue ellipse. Depending on how it exits that ellipse, I can see either the yellow or orange paths as possible, bringing us back up to the $60-62K range. If it breaks down to the bottom of the blue sphere, or exits somewhere in the middle right, then the red path may be in play.
Looks like the green ellipse that was providing great support, is now acting as resistance. Still seems to be headed in a positive direction regardless.
Seems to be establishing resistance on that green ellipse, and I assume it’ll attempt another break, but perhaps not until BTC settles...
After last night’s dump, it seems all scenarios are on the table. It seems to have fought back to just above that green ellipse. Yellow and orange trajectories seem more possible if we get a candle or two closing above the green ellipse. Otherwise, red and blue look more likely IMO. Would love to here comments on where you think it goes next, and why.
ALGO had pushed up into the larger ellipse shown. If the current daily candle closes above that lower boundary, I expect either a parabolic run, or a bounce up the bigger ellipse. Could also see it drop under the bigger ellipse and bounce between it’s lower border and the ellipse drawn below it.
I’m long term HODL on AlGO, so will probably pick ip some more if/when it visits the green dash. If it hits the yellow price points, I’ll probably also pick up some more, but will be watching the price action to see if it makes more sense to wait for a bigger dip. For instance, if it starts headed to the red dashed level down the inside of one of the smaller...
It’s keeping to the green ellipse as hoped, and I discovered the yellow one as well. Once it breaks out of both, let’s see if it takes a breather to the downside or continues straight up.
If it keeps testing the bottom of that green ellipse, or better yet breaks inside....
Look at it fly. Expecting a retrace to the top of the red ellipse, then up from there. We’ll see... that red ellipse was a pretty reliable price boundary.
Really thought it was leaving this bubble today. Maybe not?
Broke up out if the two local ellipses, but still trapped in the larger overarching one.
Let's see. I'm recovering, see you later, guys.