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ALGO/USDT A Bullish Horizon Beckons? 👀 🚀 Algo Today analysis💎Paradisers, ALGOUSDT is currently on the radar with its intriguing behavior, having faced rejection at a resistance level but showing signs that it might surge past it in a bullish manner soon. 💎 Historical patterns have shown that when supply zones transform into demand zones, ALGOUSDT tends to ascend. Although it faced a setback at the resistance level of .11563, the momentum seems to be regaining, hinting at a heightened likelihood of breaching the resistance. 💎 Notably, the price has maintained a stance above the previous low, which supports the bullish outlook. Another scenario to consider is a potential bullish push from the demand zone at .10594. However, a drop below this zone could signal a bearish turn. 💎 While some traders, particularly newcomers, may be initiating long positions, it's crucial to maintain a strategic edge and remain alert to all market movements.
Long
by MyCryptoParadise
BTC correction update Hello everyone. I know we are all feeling fear and doubt right now. Yesterday in my post, I explained why I thought this correction was likely coming to an end. I also said that anything below 58k till 56 was a great opportunity, and I can now say this is the bottom area. I want to start by saying that I am amused by how accurate Elliott wave theory it is. Every time I doubt its accuracy, I get slapped back. As you saw in the last update, I explain how we are likely to set the bottom between 100% and 127% of the first corrective wave. We are now approaching the 127% level sitting at 52200. Nevertheless, Ralph Elliott also explain that wave 1 (we are in intermediate wave 1 of primary wave 3) retrace between 50% and 78% of the wave (average 50%). The 50% is sitting at 53k. So, in my opinion, we may see a quick wick to 53k for liquidity hunting, but it will be bought up quickly. Now going back to the correction. You can see the first wave was a 3 wave move, the second one (wave B) a 3 wave move and the last one (current one) a 5 wave. This suggests that the correction overall was an expanding flat correction on the 12h timeframe. It is a fairly common correction. However, a tricky one as it caught us in the turbulence of the emotions, as in this case, we were breaking ATH (me included). Considering other indicators, BTC is disgustingly oversold. There are multiple bullish divergences forming in most timeframes, including the 12h and soon the daily. Also, BTC is now approaching the strongest dynamic trendline in the chart, which has held since March 2020. Previously in September, BTC has bounced off from the support trendline. There is also some similarity with the September correction, with BTC breaking the 50dayMA, accelerating down to exhaust its move on the 200H MA and bouncing strongly at that level. So what are the signs that make me believe this is the bottom area? - Approaching previous support 200HMA - Approaching yearly dynamic support since march 2020 - oversold in every timeframe up to the daily frame - 50% retracement level EW, wave 1 retracement target - 127% target of the flat correction formation - Bullish divergences in different timeframes Conclusion the local bottom is setting in soon in the area between 56500 and 53k. Anyone selling here will get rekt soon. FOLLOW ME, SHARE, LIKE AND COMMENT
BITSTAMP:BTCUSDLong
by CFcryptoTA
5
When is the best time to buy btc? 🚧On the chart, I marked important levels in purple. You can redraw them on your chart and they will work out in the future. Bitcoin corrected by 20%. At the same time it was liquidated positions to the amount of $ 3.7 billion. That's a lot for the cryptocurrency market. This is one of the biggest declines since the fall in May. The price is now trading at $46,780. It's best if the day closes above that level. Also under the local low most traders put their stop losses, with a high probability the price can make one more impulse, go down and collect these stop losses and then go up already. Globally, we are in a bullish cycle, and over the next 4 months, the price will reach the $130,000 mark.
Long
by AlexWhale