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ALPHA / TetherUS PERPETUAL CONTRACT

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ALPHAUSDT.P trade ideas

ALPHA: Getting ready to go?I'd be interested to hear from experienced technical analysts on this chart. I'm a novice and wrong-footed often by the market, but we keep learning and will die learning. This set-up looks good to my eye. But please factor-in my inexperience. It's an interesting one because it was already naturally retracing from a nice run 16 January to 5 February, when on 21 February it was hit by what the whole market felt as BTC went into its correction. It had done a 0.618 retracement, which I consider normal, but also a sign of strength. It was then pushed down to the 0.786. Like BTC, it printed an extended W formation and has just retested this pattern at the neckline. You could say it's ranging, but there is an ascending trend line that it is respecting, and it remains solidly above the 0.5 Fibonacci level. The RSI is looking nice. No divergence that I can see. The MACD is more or less flat, but just crossing under on the daily, which suggests a touch of the ascending trend line before a move up. It's running out of space within a few days. On a 12r perspective, it's above the Ichimoto cloud. On the fundamentals side, so far as I know it's a serious project with potential. The possible measured move to the upside is around 97%, if it clears all its resistance points. Please let me know your thoughts. What am I missing, or what am I misreading?
by ianrdouglas
ALPHAUSD - LONG (Bulls in control) Ascending Triangle 4 Hour Chart Set up - Ascending Triangle We can see ALPHAUSDT has formed a nice Ascending Triangle Formation, and price is starting to get very tight. We have had a deviation breakout from this ascending triangle, price more often then not will not deviate from a breakout twice. Price has found support, on the 0.618% Fib along with some Daily Order Blocks. Any trades placed from here, stop losses should be below the 4 hour pin bar @ $1.65 We are targeting the upper order block resistances, and the Ascending triangle target. This trade is offering us a 4 to 1 risk reward ratio, and bulls have the upperhand.
Long
by Moonseekers