After a kumo breakout from the 4h cloud, BINANCE:ALGOBTC has managed to break every boundary stopping it, now resting above the MA200, looking great for a retest of greater highs. Also looking pretty great in the FTX:ALGOPERP pair, ready for a breakout of what seems to be an ascending triangle.
Target 1: 0.000002634
Target 2: 0.00002802
ALGO/BTC just made a bear trap on the important support level and it seems that the bulls held this area, here we considerer bull traps, and the bear traps one of the most powerful indications in the market. Now we must wait for some bullish accumulation pattern, if you enter this area the stop must be below the bear trap, so control your position...
#ALGOBTC TA Update:
Current Price of ALGO/ BTC is 2050 Satoshi.
And last update I told you to buy at Support and I bought at perfect entry at support.
But unfortunately Support Level Broke down and Now ALGO/BTC is bearish Mode.
My Entry 2100-2250 Satoshi.
Stop loss:i told you if any candle close bellow 2100 Satoshi then I will exit with minor loss for safe...
ALGO/BTC Chart Analysis:
as I told you if we hold this Support I will buy more.
But unfortunately it was dumped bellow support level so I was exited from this trade but now again I am entering this trade.
I am looking bullish on ALGO/BTC.
I am trying to buy between 2100-2200 Satoshi. because 2000 satoshi is very strong Support.
and one more thing for...
ALGO has broken the downtrend line and reclaiming the support at this range. Its always one of favorite coins of CT and had been performed pretty well in every rally.
Worth taking a bag here.
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Algo hasn't been lower than that in its recorded history. Except for a few weeks ago when it broke the black level. It returns above again within the same 15m candle. I think there are many buy orders so even though it might carry on going sideways or even down, there will still be a possibility to profit of them. Take profit is not set firmly for this position....
RSI oversold, hitting final line of support before plunging to the abyss, but those points of support have been tested 2 times before and hard rejection to the upside both times, nowhere to go but up if this support holds
Algorand is now testing a key support level for this asset and RSI is showing us overlsold zone, long position on this asset will be indicated if we form a bullish candle pattern at this level, but we already have enought indications that we need to believe the price can pump in the next days.
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