WARNING: DO NOT TRADE ON THIS CHART
I heard plenty of chatter that BTC formed a Wyckoff Distribution into the dip. Similar to $BTC, I see a fairly neat Wyckoff Accumulation here with $ALGO that may indicate we have seen the bottom. If this holds, we should go "back-up" and flip the resistance into support on a retest.
However, I am new to this pattern and it is...
This set up goes all the way back to lowest point of Algo on Nov. 4, 2020 following the previous peak in Aug. 2020.
Notice the trend since Feb. 12th peak at 1.8585. The dips occur at the cross of the 3/1 (red ). The peaks occur at the cross of the 2/1 (yellow).
If the trend continues I see 3 possible scenarios to play out:
1. Algo breaks out in a big way when...