ALGOBTC trade ideas
Good entry position for a LONG position on ALGO/BTC (LONG) Reasons for a long at this position:
- Possible HEAD&SHOULDERS
- Favorable RSI trend + RSI <50
- At a key price level that has returned to be support after breaking resistance
Let me know if you've got feedback! Always eager to learn!
Thank you.
ALGO, READY FOR LAUNCH?!We shared this last night with our crew at 2464, here's an overnight update... ideas still valid
(Legend AOI = Area Of Interest)
AOI 1 - 2575 - NOW HIT
AOI 2 - 2734
AOI 3 - 2897
I lose interest at: 2297
I spoke about ALGO last night on our scan and while today it's still laying flat, I just have that...feeling that I get before something is about to pop.
BUT
Until we break and close about that 2582 spot, I'm not taking any positions. WE can see that the next logical step after that would be around the 2897 mark and just shy of that 200ma.
Patience is the name of the game with old mate ALGO
Bullish on Algorand. 30% to 100% Run possible.Clear symmetrical triangle forming. Volume is picking up. Bitcoin dominance still dropping and favoring altcoins.
With patience this can pay off big.
If 3000 sat breaks and closes daily candle above we can go further.
Entry: Current MP
TP1: 2940
TP2: 3400
Stoploss: Below 2500. Tight stop since bitcoin is acting like a slut
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.