ALGO falling wedge for BINANCE:ALGOUSDT by UnknownUnicorn17387766

This is a huge falling wedge that is pointing to a crazy support level.

We have a nice trade range on the daily chart. Imagine breaking the range down but finding support near that crazy support level.

If you want to buy a coin soon, ALGO might be a good choice. Buy the support level or the breakout. It doesn't really matter. Potential reward is crazy.

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Algo is holding well compared to market. Good to see. Ready for the last leg down i hope.

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Algo showed great strength during this dump. Algo likes to do this. Interesting.

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It's trying. I will long a clear breakout but no need to rush i hope lol.

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It's exciting:

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This is another way to draw the upper line:

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So for now, I don't assume that the wedge is broken. I'm still waiting for the last leg down. But of course it might not happen. I'm calling that support level "crazy" because it's like joining ALGO ICO years later. The first big support ALGO has ever had. It's close enough there to build a rally. So it'd be crazy to hit that support years later.

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ALGO/BTC:

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So I believe BTC will hold 16-17k. It's like a 70% probability for me. ALGO/BTC weekly is a double bottom. I took my first small long today @0.3196. I'll probably DCA a little bit in the next days. And I'll add when it breaks out.

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Like I said, I think a 30% drop from this level is highly probable. I took a very small long here just because I wanted to hedge the risk that I might miss an aggressive breakout and I have trust in this trade long-term.

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Here is a bearish low timeframe chart. I hope this plays out because I wanna long it lower:

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I sold half of the position. Current size is ~%5 of my target size. Break-even is 0.317

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Or this:

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Closed it all break-even. Hoping above will play out.

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ALGO's short tf movements are weird to be honest lol. But it was always like this.

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I think it's a breakout. I wasn't expecting such direct move. Can it bleed out along the upper line? Or even fake the breakout? Sure. But it's a breakout nevertheless.

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Couldn't hold above the range for now. This is indeed bullish although Algo is full of surprises.

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Aside from a small scalp I missed this little rally. I'm just waiting for a good signal to jump on board. Pull back and some reversal pattern for example. I still suspect that it might bleed on the wedge. So I'm watching.

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Might be pullback time for algo:

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We haven't closed a day below the range yet, but I think we will. Faking a range breakout is bad obviously. But I think the more important fact is that wedge is broken upside. So as long as we don't fake that too, I'm bullish. Bleed along the wedge, test a few critical support. It'd be really awesome if we make a big fake breakdown from the range but keep the wedge intact on the weekly chart.

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Yes, Algo is losing it. Happy to see lol.

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I actually shorted Algo around 0.373 lol. It's funny I've shorted the coin that I'm most bullish about.

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Short closed just because daily EMA's are here. But I think continuation downside is more likely for now.

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Looks like algo is struggling at taking this ltf range back:

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Bear flag on the hourly?

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Chop and dump trend continues. I like it. Make it looonger:

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Update time. Natural target range low. I'll buy it:

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Bought 0.31. I don't care about the nukes :P Expected dump, planned buy. I'll buy more as it goes lower.

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4h chart update:

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You should have an idea about how long you are gonna play potentially. Here is an example scenario. In this scenario real bullish action starts in about April 2023.

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Love bears. They give you cheap algo.

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new break-even is 0.30.

i like $0.3 algo. i'll love it if it hits 0.25 or even lower.

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"I still suspect that it might bleed on the wedge." <3

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Let's start to send it.

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You know, ALGO is building something. Like clearly. Imagine you see something like this in 2023. 9 months of accumulation. I'd probably risk a lot lol.

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My confidence is low about this move to the upside. I believe we are in the making of a huge trade range and this move can be just another confirmation of the range. So that means we have room until around 0.42. Then I'm expecting big reversal. Even a spring failure ideally.

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I think algo wants to move. Remember algo loves bearish environment. If the market turns bearish in the next days, i'll have an eye on algo. A move above 0.5 is the best case for a bear market rally imo.

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Jesus the moment i wrote the above update lol. Algo sending market dumping. I love this coin.

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If algo dumps with everything else, bears might be really serious :D

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I bought a lot of Algo @0.239. Use Pera Algo wallet :)

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Because this is what i've been waiting for. Range is broken down. It's close enough to the wedge. It's time to DCA.

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My only serious is position is Algo right now. I short scalp in this terrible market time to time. But idk i believe in Algo. I like the chart. I know it's a good project etc.

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My view on algo. It's trying. 0.239 was a good buy for sure :D

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Looks cool.

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Ltf looks bad. But I'm focusing on the weekly chart. I can't see an aggressive dump from here. It's time to buy algo slowly with low risk. I'm almost 100% sure it will payoff in a few weeks.

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Looks like 0.24 was really important. Let's hope it holds.

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I added some from 0.23. My other buy levels are deep below from here. 0.2, 0.185, 0.175. I don't have a fixed plan below that. Depends on the chart.

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Algo didn't care much about this alt rally so far but its bottom is actually a better looking bottom than most coins'. Algo likes to move last. I think it should create some room for another drop. Because I think market has another leg down in a few weeks in the best scenario.

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I mean imagine not buying this. Below this there is only one support and that is the absolute bottom. Does Algo really deserve this?

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It might be a little early to call it, but now we have a double bottom as well, most likely. This pain should be enough for some time or I'm misinterpreting this.

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I took a long from 0.229 aside from my spot position. So I'm biased :D I can be totally wrong of course.

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I like weird channels. Constant anxiety :D

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Interesting view. Trying to makes sense of this chop :D

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ALGO/BTC. I feel like big accumulation is in progress here.

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Let's make the weird channel a support:

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Powell for the rescue? Or curve for the rescue :D

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I still think we are in a bottom. My futures position is in profit but I'll watch 0.32 for tp. Hopefully.

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Weird channels often become megaphones. It's a bad thing at a top. Let's hope it's not a problem here.

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Not good :(

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Must close the day above 0.24

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Nice

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I wanna repeat. Imagine not buying here. I'm not even talking about selling here.

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Do you see a confirmed breakdown here? I don't.

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I'll keep looking for bullish patterns. What was I supposed to do on such major support?

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Triple bottom, quadruple bottom etc. It doesn't really matter. Who is gonna sell here with volume for another leg down? Where did they buy? I don't see any reason to be scared right now.

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This is a falling wedge to the range low however you look at it. Almost inevitable breakout.

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Really? This makes me angry :D

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I'm trying so hard not to go all in :D

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I closed most of my long position here. It's crazy but I feel like this has become too dangerous for a leveraged position. I have a few deep orders but let's see. Liquidity is very low. Stock market looks bad etc. Not exactly a risk on environment lol.

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I mean trying to break this like this is so fucking crazy. Aside from general market state. Maybe capitulation is coming and I am just too blind to see. Who knows?

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Look at this craziness. Already closed the day below the range and still pushing. This a 10 months range. Like wtf.

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What can I say... We had it coming. Sad.

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Today Algo has lost one of two bullish argument in my eyes. That's why I closed my position around 0.231 today. Losing this on BTC pair is very bad. Now it needs something new on that chart.

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Btw you should watch this video if you plan to hold Algo for long-term. Possibility of running the lows is very real:

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My three buy levels:

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+ I'm trying a new leveraged position ~0.198 if it comes.

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Weird. Probably bullshit.

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Maybe it's good shorty entry for the next leg down.

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Daily RSI has been holding while the price goes down for the last 30 days. I can't imagine what's gonna happen if the RSI breaks down. We'll hit 0.15 probably.

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My hope is that it's gonna be like this period. That's why I'm gonna try to have a leveraged position around 0.19-0.2. This looks like typical behavior for Algo.

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Bear flag to my target?

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Update. I'm more worried about BTC atm but this is going as expected.

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You have to be prepared for the worst:

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For example:

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Even the red one is possible. Speed of the dump is not really important. What's important is what's gonna happen after that. What you don't wanna see is bearish consolidation. Up only is possible after a terrible crash.

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I'm sharing bearish things here but I still can't believe how bearish this thing is right now btw. But still I'm not buying or longing. Absolutely not. You gotta take what the market gives.

Since I closed my long position at 0.231 I take seriously the possibility of the last daily range being a redistribution. Its target is ~0.12 unfortunately. I adjusted my order levels and amounts accordingly.

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Basically 3 targets for redistribution theory. All of them make sense.

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0.197, 0.174, 0.118

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Seriously guys. If you read this, check your risks. It's not the time for leverage. It's not the time to buy with big amounts. I even doubt it's time to buy with small amounts right here at 0.21. Just wait. Set crazy low orders if you want but check your risks.

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Cancelled my long order at 0.198. 0.165 is my target.

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You know what? I cancel all futures longs. Spot only. Markets are scary right now.

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Sad days.

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See how it broke 0.2 like it's nothing. That's what bearish consolidation does.

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Algo is slight below this very important trendline. Real pain would be testing this parabolic trend.

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You can't say the line is broken yet though. There is still chance for a good bounce here. You have to go step by step.

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This at least gives hope about a bounce. There is volume. So much Algo were transferred to new holders around here.

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You can fine tune the line a little bit but I can say this was the test of the wedge.

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When you look at it on the daily volume is still weak. It's still watch time for me.

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I finally bought some from 0.167 but I can't really recommend buying with substantial amount in this terrible environment. This pressure was far too long than I ever imagined. I was definitely expecting this level but showing no sign of life for this long is not really good.

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It is officially under the wedge. Honestly I'm expecting a capitulation candle but you never know.

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This is not a chart. This is hell :D I'm really amazed by this pressure.

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Look at this momentum on the weekly. I wanna ask Algo "Where tf are you going?" :D

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This coin... Bravo for making a wick, so you can crash easily.

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Current view:

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I sold the amount that I bought from 0.167. I'm not a fan of this uptrend.

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What we wanna see is accumulation range. Up only doesn't look like a feasible option in this environment. At least not without capitulation.

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Time to sell imo. I sold 10% of the remaining position @0.2029. It can go more ofc but that's the thing about trading. I've misinterpreted Algo's big range. My average is 0.25 because of that. Now market is giving a chance to reduce risk and possibly average down later.

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Shorted a lil bit from 0.2035. Just a small addition to my short basket :D I didn't want to sell more spot.