It is very simplified idea. Algo is at its bottom trend line level with RSI in near historical lows. If BTC does not fall off the cliff I see Algo bottoming at around 1.3 and reversing upwards. But again, that scenario I only see if BTC starts showing some bullish action.
Regarding the chart, please do not take it in any way as advice. I am a rookie and this is part of my learning process.
Pointing out my mistakes or providing advice will be highly appreciated.
Thanks!
Regarding the chart, please do not take it in any way as advice. I am a rookie and this is part of my learning process.
Pointing out my mistakes or providing advice will be highly appreciated.
Thanks!
Comment:
BTC is in a descending triangle and showing weakness. Likely break downwards around Christmas and hopefully bottom out where the previous massive wick ends: around 40k. imo, that can send ALGO to 1.2-1.25 levels and bounce strongly.