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
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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
@James_Glenn
Dont u still buy, are we still waiting?
ChArtWorks_TechnicalArts
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@Erkan_Ozak, If we can retest the bottom of the pattern, then it may be an area of value again. That is a lower risk area of entry. I got in at $9650-$9700 right after we closed the weekly and monthly candle above critical support as you were unable to see follow through price action under it. This was a long signal for me. I took profit at $10,650-$10,700 and then accumulated at the .236 at $10,453 which was also an area of somewhat support. I am still in a long position and my stop is under $10,450 atm. Or you can place it below the first wick slightly under $10,350ish. I am choosing to place mine higher. Profit levels for me will be at Geometrical resistance between 11k-$11,100 and then the ascending triangle measured move between $11,300-$11,400ish which is also an area of a square up. My final target and this is a target I will be taking a short in if we have right variables will be above $11,700 at the PCZ of the Potential Bearish Cypher.
Erkan_Ozak
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@James_Glenn, :) I mean ALGO
ChArtWorks_TechnicalArts
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@Erkan_Ozak, OMG, I AM SO SORRY, THIS IS ALGO NOT BTC LMAO! One second
ChArtWorks_TechnicalArts
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@Erkan_Ozak, No, I have not taken a position in algo. A run up was definitely needed for algo. The safest entry would be at the 1.618 fib retracement at around 263ish sats. From there, you would hope to see Bullish divergence on the Four hour and or Daily time frame. That may be a very good opportunity for a position in Algo. Until then, I personally won't bother with this S coin.
Erkan_Ozak
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@James_Glenn, ok then cool. thnx
ChArtWorks_TechnicalArts
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@Erkan_Ozak, My pleasure! Thank you for the support and comment! <3
Erkan_Ozak
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@James_Glenn
Pretty good analysis in detail. When i see 1D chart candle, rsi is around level of 20-25 which is very overbought. So do you hope to see a price drop to 265 for a moment? or step by step in 1D time period?
ChArtWorks_TechnicalArts
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@Erkan_Ozak, Thank you so much. It is oversold! And that being said, 265 sats is roughly where the safest buy in would be for me. This is quite wide a pc(zone). Their is no support whatsoever, so you are relying on a critical fib node for a bounce. Honestly, you don't want to see 265 sats right away. I would want at least a 23.6% or between the .382 and .618 retrace before selling off to the 1.618 fib node so then we could form daily Bullish divergence and or four hour bullish divergence! Again, I really appreciate the love and support man! Leave a like and follow if you enjoyed it! Help me grow <3
Erkan_Ozak
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@James_Glenn, I appreciate, Surely i follow smb who wants to help technically
Dont u still buy, are we still waiting?