It has been since October 2019, #Algo is in accumulation mode and it is now testing the upper level of its range.
I think there are 2 possibilities:
a) Successfully passes above the resistance, retest and continue
b) Failures and continue to accumulation.
In the end, after the accumulation, there is a big upside potential for #Algo.
ALGO found support around .33 and .34 area and broke back above .40 which is a critical level tracing back to beginning of 2020. Prior to the breakout the price action was moving below the moving averages (5EMA / 12EMA), with the breakout back over .40, the price action jumped over the moving averages which signifies a reversal to the up side. Additionally, the...
Just throwing this idea out there. The recent up move toward downtrend resistance had a lot of volume, but it just doesn't feel right to sustain growth straight up through. I wouldn't be surprised to see a bull trap fake breakout, then sink back below resistance for a while to build up more potential energy for the real breakout later. This is a LOW CONFIDENCE...
If there was any time to long algo, now looks good.
Place a stop below the trend, or below support at .33 and long to the top. Algo should be a good performer this year.
First target .47 - .51 - .55
I will be trading this the whole way up (if it happens) taking profit at resistance and re accumulating on pullbacks.
Thats my plan.
Safe trading everyone
This chart is just an example of this strategy, go try this out with your shitcoins!
This is simple buy startegy for bull markets (1D,USD charts).
Buy opportunities are based off RSI and EMA200 close only.
1. When a shitcoin crosses over EMA200 properly, and bull market is starting, its time start to use this strategy!
2. This asset now needs to stay above...
ALGO is very close to a break out from this large falling wedge. Its lining up to the FIB .168 and the bottom of this falling wedge which is bullish
A measured move would put it at a 22% profit zone...
The Content is for informational and entertainment purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. This is not financial advice nor am I a financial adviser. :)
