Although it didn’t take the exact path drawn, the red line has won out. The question now is whether the green ellipse boundary holds, and BTC starts riding back up to the 55K area, or it breaks below, in which case it will start using the green ellipse as resistance instead of support.
DOGE is just barely holding to the inside of the upward trending green ellipse. But it has the yellow and blue ellipses it has also been bouncing off of. It remains to be see if it can break up through both of those ellipses to continue up unabated (green arrow), or get caught up and eventually continue (orange arrow) up or down from there, or get completely...
It will certainly depend a lot on what BTC itself does, but the path does seem clear to .00003, which at current BTC, is ~$1.70 USD. There is some resistance I’m seeing on the ALGOUSD chart it would have to clear.
ADA has broken out of the ping-pong between the red and green ellipses drawn on the chart. I’ll be looking to see if there is a re-test in the upcoming days. Of course it could start bouncing down the outside of the green ellipse, using it as support, but that’s still better than using it as resistance.
I’m going to look for a confirmation close above the green ellipse, and possibly a retest to make the judgment, but it does look like a possibility that ADA is going to break free of the confines of these 2 ellipses it’s been in.
BTC is back to bumping up against the top of the green ellipse drawn a good while back. The orange path still looks to be in play, with a slow sidewise rise towards 60k, but so too a precipitous drop to 41K.
ALGO finally appears to be clear of most of the resistance ellipses, and should be more free to fly. Of course, not much support on the downside for quite a ways, either. In any event, I’m expecting some more dramatic moves in the coming days.
ADA has been trading between the top of the red ellipse (support) and top of the green ellipse (resistance) since the beginning of February. If it continues, it could ride quite a ways down. Looking for it to break out of green ellipse or into the red ellipse but will be swing trading it at the two boundaries until then.
ALGO has been following the bottom of the yellow ellipse down as BTC continues to drop. If that ellipse holds, it could ride back up after touching $1.05 or even $1.03. However, if it breaks below that ellipse, it’s unclear to me how far it falls from there.
BTC tanking has resulted in ALGO trading in between two ellipses - one acting as support, and the other as resistance. Hopefully it holds here, or we could see a more major correction down to the $1.09 area. Unless BTC has a major rally to lift ALGO back up, it looks as though that major green ellipse will be acting as resistance rather than support.
Even with the pummeling BTC gave ALGO yesterday and today, after it paused at each ellipse boundary and ultimately crashed through, it has held the bottom of that red ellipse. I had put a tentative buy target of $1.1950, just above the lower boundary of the red ellipse, in case it fell that far. As this recent dip was underway, and it started falling towards that...
BTC is still tapping on the edge of the blue ellipse. Depending on how it exits that ellipse, I can see either the yellow or orange paths as possible, bringing us back up to the $60-62K range. If it breaks down to the bottom of the blue sphere, or exits somewhere in the middle right, then the red path may be in play.
After last night’s dump, it seems all scenarios are on the table. It seems to have fought back to just above that green ellipse. Yellow and orange trajectories seem more possible if we get a candle or two closing above the green ellipse. Otherwise, red and blue look more likely IMO.
Would love to here comments on where you think it goes next, and why.
ALGO had pushed up into the larger ellipse shown. If the current daily candle closes above that lower boundary, I expect either a parabolic run, or a bounce up the bigger ellipse. Could also see it drop under the bigger ellipse and bounce between it’s lower border and the ellipse drawn below it.