ALGO has been trading in this channel for almost six weeks now. With the recent major influx if bullish sentiment into the alt-coin market, I'm confident enough to argue that ALGO will soon break out of the channel and resume its parabolic movement.
Be aware that the top resistance of the channel is strong, so you might want to exit your position partially. In case of reversal, the $1.35 area would be a great place to buy in again.
no more time for alts my friend, alt weekend is over now... btc breakout is on... did you look at the dxy and the euro charts? i bet you did not...
M00N_BEAMS
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@cryptobullethbtcxlm, A breakout of btc on this volume? BTC is going to drop for the short-term. Alt season is on
cryptobullethbtcxlm
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@M00N_BEAMS, look at the DXY and Euro chart and watch what happens when the USA wakes up with this BTC & EUR/USD price action. Alts are already dumping towards BTC. It cant be alt season forever. At least for the coming 5 to 10 days I see a big bounce for the BTC dominace, buy anyways you do you though, wish you all the best :)
FieryTrading
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@cryptobullethbtcxlm, Interesting take. I'm betting on alts for the coming week or so to outperform BTC. I don't want to look at too much indicators or other assets since I don't want to be biased or suffer from analysis paralysis. Thanks for sharing.
cryptobullethbtcxlm
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@FieryTrading, no worries, just wanted to share... DXY is one of the most important charts for assets though ;) and yes alts will pump against the dollar for sure but will they outperform BTC when BTC domiance dropped that much already? Sounds like chasing a pump to me... you buy BTC at its lowest dominance now, which is a good buy in my trading strategy: buy low, sell high :) blessings!
Spaceman_Tommy
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Even after almost two weeks your TA is still "holding". Like you said strong resistance, which we didn't managed to break out yet but with the new higher low's in the making a break-out soon seems very possible.