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ALGBTC trade ideas

Algo 4H breakout - Now consolidation to distribute ordersAlgo broke its trend heading down on the 4H..nothing significant which tells me we are still heading down in price. Buyers can't get a grip yet and that is def. due to the buying power of BTC right now. Investors are tossing thousands of bucks into BTC at the moment. Alts tend to have effect with this in both positive and negative manners depending on how an individual tackles their asset. If they're spot trading or futures trading? While price gets pushed around here in the coming days Algo will too.. I expect some kind of consolidation zone here at these levels to prepare for an impulsive move up heading into next year. The technology is way behind compared to assets such as ADA or XRP. Which means we have time to load up at the prices we can afford as day traders or long term traders. The real question is...how long can you follow your investments fundamental growth without looking at the price everyday??? ;) Stay safe everyone..and always do your research on your investment. Dive deep.
by AschraM
$ALGO / $BTC Daily Shooting Star Close/Bullish ButterflyGood evening Ladies and Gentlemen! 1st off, I am planning on opening up a Discord channel or potential telegram channel. I may even make a website, but I really want to start a group called "ChArtWorks" or "TimeLostChArtWorks". Haven't decided yet, but I would love to open a channel for TA and also Artistic Charts that I'll be posting! That being said, we are currently closing the daily candlestick with a Shooting Star. This is typically a bearish candlestick which implies potential reversal in price action to the downside. These are commonly seen in uptrends. On top of the Shooting Star Candlestick, you also have Bearish Convergence on the MacD with "Hidden" Bearish Divergence on the RSI! I have taken profit on ALGO completely. We may not hit the perfect pcz target of the bearish cypher. We were 9 sats off and we were constantly being rejected under Resistance. I know this sounds kind of far fetched and some hodlers or those that are emotionally invested in ALGO will hate me for this, but it is not out of the realms of possibility that we'll see between 265 and 385 sats Overtime! You are also creating a Shooting Star Candlestick with all of the coinciding variables at the Top of the Geometrical resistance. If you are fomoing into ALGO now, I am just saying this is not a safe entry whatsoever. But between the 1.272 and 1.618 golden mean ratio, you could see exponential gains at the price ranges! I will keep you updated as usual and we'd be looking for 4 hour and daily bullish Divergence among these areas! Also, keep in mind of the overall trend of this coin so far. This coin has done nothing but dump, and you haven't even broken the geometrical trend to indicate a change to the current trend we are in!
Short
by ChArtWorks_TechnicalArts
12
ALGORAND SMALL PUSH BEFORE BINANCE PURGE?In this ALGO/BTC chart we can see a descending wedge forming and almost completeing. With this hour close if we close outside the wedge we could ALGO take a nice quick pop. In a few of the last patterns we can see on the same low time frame this isnt the first time algo has done this. It runs down and pumps up quite a bit. I think well take a bet it does the same thing again. Ive picked up a small bag and riding it out to my targets of 600 and 650 sats.
Long
by PhilupMyBags
$ALGO/$BTC Out of RequestYou are showing bullish divergence on the macd, but not on the rsi. I don't recommend taking a trade in this coin at all. Sure, 4 hour macd bullish divergence could play out and you'll probably get a scrub rally out of it between the common retrace zones. But their is no reason to be buying at this price as their is no real support. In fact you only have one support left, break that, you could see much lower prices. I mean, I tried to plot a bullish butterfly but you exceeded the 88.6% retrace from b to c. So it isn't a valid harmonic anymore. The only reason why I could see you having a scrub rally from here is the fact that you are at the 25% retrace on the fib channel. But, you're in between support levels at no critical fib node. I don't recommend taking a position in this shit at all. Sorry ladies and gents. The scrub rally isn't really worth it if it even happens. Going through my Trading Strategy, this doesn't even make a quarter of the requirements for me to want to take a position in. So, I am not bearish or bullish on it. You have one variable that is bullish and that is MacD bullish divergence. Not even on the rsi and you are also at the 25% retrace on the fib channel, so you could have a scrub rally but not worth taking a position at this price. Maybe if we still have bullish divergence formed and we happen to forming a double bottom.
by ChArtWorks_TechnicalArts