HUOBI:ALGOBTC   Algorand (ALGO) / Bitcoin
In the current climate, trading alts is risky, but then when isn't it risky? For those that are risk-on..
ALGO looks interesting to me:
  • Bounced off long-term support
  • Has made a couple of higher highs and higher lows (Williams Trailing Stops)
  • 8/ 21D EMA bull cross (Exponential Moving Averages)
  • Solid green daily trend for the last 3 weeks (Price Action Trend | Simple)
I'm thinking even if it goes where I want, it might range for a little between the nearest support and resistance zones, or at least come back to retest the 21D EMA .
So my entry bid is at 0.00002735.
Stop is under recent lows at 0.00002493. Targets are up to your style, but logical places would be under resistance zones: 0.00003786 (set stop in profit), 0.00004853 (for 8.5R), 0.005616 (and so on)
I'll pull it on signs of general market weakness.
Look at that weekly chart though - ALGO has great potential if alts do finally run.
Trade closed: stop reached: Well, Bitcoin took a leap and alts took a dive. ALGO now back in its support box for the 4th time.