ALGOBTC trade ideas
ALGO/BTC LONG POSITION TRADEAlgo has broken and is testing an important dynamic line from above, now it is important to gain a foothold above it. In history it is clearly visible how this line served as support and resistance, I indicated it with green and red arrows .the purchase area will be 23xx-25xx. After confirmation, the goals for us will be 4000 sats and 6300 sats per coin
$ALGO, Trying to cross over ~2500sats resistance level w/ volume$ALGO
Trying to cross over ~2500sats resistance level w/ slightly increasing volume..
UCTS turning green on low timeframes so I have set some alerts in case that a R/S Flip occurs or volume starts flowing
EMA50 could also be a good trendline to watch...
#ALGO
ALGO at crossroadsALGO/BTC price is entering into the tail end of a wedge. It is still too early to tell what direction the price will go. Looking at the RSI, it is in the 50% zone which shows its neither overbought nor oversold.
There are 2 possible scenarios:
1. The price will either bounce off the support trendline at fibonnaci retracement of .786 and break out of the wedge heading upwards to the resistance zone at 0.00003 btc
2. The price could just break through the support trendline and head downwards towards the major support zone at around 0.00001975btc
It will be interesting to see which direction the price goes...
ALGO/BTCAlgorand looks ready to catch up to the rest of the market. About to touch a major down trend line, and altcoins have been breaking their long term downtrends as of late.
If altcoins keep performing well and bitcoin dominance doesn't go on a rager, then expect Algorand to move soon. If it breaks the trend line and makes lower lows, then it's negative price discovery. My idea as posted, but i'm not an expert! Trade at your own risk.
ALGOBTC SHORTTERM TO MIDTERMSHORT TERM TO MIDTERM OUTLOOK FOR ALGOBTC.
100 EMA IN THE DAILY CHART IS ACTING AS A RESISTANCE FOR ALGOBTC IN THIS TREND AND THE PRIOR DOWNTREND DUE TO BEAR MARKET.
IF 100 EMA IS FLIPPED AS SUPPORT, THEN 200 EMA IN 1D TF IS IN OUR SIGHT, WITH A POSSIBLE INVERSE HEAD AND SHOULDERS PATTERN.
NOT A FINANCIAL ADVICE THOUGH AS I AM A NEWBIE.
