Keeping an eye on ALGO/BTC. It doesn't look pretty, but there may be an opportunity developing in the next week or so. We're currently testing the Support of a large Descending Triangle. Descending Triangles are bearish and so a break down (at some point) is expected. Combined with the recent bearish momentum and overhead resistance, I'm inclined to think the break will happen sooner rather than later. However, there are some bullish signs that keep ALGO on my radar: We're seeing bullish divergence on the Daily chart and we're entering into another buy zone. A small buy here could be a high-risk, high-reward option for the adventurous--if support holds we could see a retest of the top of the Descending Triangle. However, I'm on the sidelines waiting for a more secure entry.
Patience is the least sexy of the superpowers.
---------------------------------------------------------------- These are my personal views and not financial advice. Please do your own research before investing.
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Any updated algorand insight would be great, just joined tradingview site today, you are my first follow!
Rowhales
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Did you checked ALGO marketcap to make an analysis? check 5 Day a bit.
Rowhales
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algo/btc is full with bullish divergence. 2-3-4-5-6 Days + weekly and 2 weeks chart and you are waiting for a dump? it s nice
mercury_rising
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@Rowhales, Hi thank you for your comment. I'm overall bullish on ALGO. The 3D looks good, and the 5D is just crossing into my buyzone. However, divergences on these higher timeframes can take a while to play out. I don't see anything wrong with buying at these levels, but I like to be very precise with my entries and I look for very specific signals. It wouldn't surprise me if ALGO bounces from here, I just think we could see a little more downside in the short term. Good luck :)