ChArtWorks_TechnicalArts

$ALGO / $BTC Daily Shooting Star Close/Bullish Butterfly

Short
BINANCE:ALGOBTC   Algorand / Bitcoin
Good evening Ladies and Gentlemen! 1st off, I am planning on opening up a Discord channel or potential telegram channel. I may even make a website, but I really want to start a group called "ChArtWorks" or "TimeLostChArtWorks". Haven't decided yet, but I would love to open a channel for TA and also Artistic Charts that I'll be posting! That being said, we are currently closing the daily candlestick with a Shooting Star. This is typically a bearish candlestick which implies potential reversal in price action to the downside. These are commonly seen in uptrends. On top of the Shooting Star Candlestick, you also have Bearish Convergence on the MacD with "Hidden" Bearish Divergence on the RSI! I have taken profit on ALGO completely. We may not hit the perfect pcz target of the bearish cypher. We were 9 sats off and we were constantly being rejected under Resistance. I know this sounds kind of far fetched and some hodlers or those that are emotionally invested in ALGO will hate me for this, but it is not out of the realms of possibility that we'll see between 265 and 385 sats Overtime! You are also creating a Shooting Star Candlestick with all of the coinciding variables at the Top of the Geometrical resistance. If you are fomoing into ALGO now, I am just saying this is not a safe entry whatsoever. But between the 1.272 and 1.618 golden mean ratio, you could see exponential gains at the price ranges! I will keep you updated as usual and we'd be looking for 4 hour and daily bullish Divergence among these areas! Also, keep in mind of the overall trend of this coin so far. This coin has done nothing but dump, and you haven't even broken the geometrical trend to indicate a change to the current trend we are in!
Trade active:
IN THE PC(ZONE) :O. I have not taken a position though. The biggest risk I am willing to take on this S coin is at the 1.618 if we have bullish divergence at those prices
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.