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ALGOBTC

ALGOBTC | Key Level | Trend Reversal | Head and ShouldersTodays Analysis – ALGOBTC – Forming a potential head and shoulders pattern, trading at a key level within a multi-month descending channel. Points to consider: - Range Median – key level - Head and shoulders - Low volume - RSI below 50 - Stochastics oversold ALGOBTC has found support at the range median of its descending channel. Price holding above the area will establish the right shoulder of a potential head and shoulders (H&S). Price breaking and consolidating above channel support will further validate this pattern. A validated head and shoulders pattern will establish a higher low in the chart, indicative of trend reversal, forming a bullish bias in the market. Volume is tapering off and remaining below average, an influx is needed price attempts to break channel resistance to avoid any false breaks as seen previously. The RSI has broken below 50 indicating increasing weakness in the immediate market. Stochastics are oversold and may remain oversold for some time as seen historically, before momentum shifts to the upside. Overall, in my opinion, further price development will determine a directional bias. An S/R flip at channel resistance will allow for a long bias and a break below range median, price is likely to test channel support. What are your thoughts? If you’ve read this far - thank you for following my work! And as always, Focus on you, and the money will too!
by Kudiiee
ALGO/BTC - E2E setup with ConfluenceBeautiful setup. Only the Chikou being just over the candles makes it bullish but many other factors to support this trade. 1. We reset the 21EMA 2. We reset the 100EMA 3. Closed above and retested Tenkan, 100, 21 EMAs Algo on the bottom of the screen showing flat and gnerally this means exhaustion and a likely rise. Entry: 2500-2230 T1: 2933 - 200EMA/Resistence T2: 3302 T3. 3576 T4: 3731 Ideally we are going for the E2E to 2933 Trade, Chart, Learn, Repeat Coach K
Long
by Joel_CoachK
ALGO, READY FOR LAUNCH?!We shared this last night with our crew at 2464, here's an overnight update... ideas still valid (Legend AOI = Area Of Interest) AOI 1 - 2575 - NOW HIT AOI 2 - 2734 AOI 3 - 2897 I lose interest at: 2297 I spoke about ALGO last night on our scan and while today it's still laying flat, I just have that...feeling that I get before something is about to pop. BUT Until we break and close about that 2582 spot, I'm not taking any positions. WE can see that the next logical step after that would be around the 2897 mark and just shy of that 200ma. Patience is the name of the game with old mate ALGO
Long
by Unity-Trading-Group
2
ALGO at crossroadsALGO/BTC price is entering into the tail end of a wedge. It is still too early to tell what direction the price will go. Looking at the RSI, it is in the 50% zone which shows its neither overbought nor oversold. There are 2 possible scenarios: 1. The price will either bounce off the support trendline at fibonnaci retracement of .786 and break out of the wedge heading upwards to the resistance zone at 0.00003 btc 2. The price could just break through the support trendline and head downwards towards the major support zone at around 0.00001975btc It will be interesting to see which direction the price goes...
by abasinkanga