ALGO at crossroads

ALGO/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...

评论:

Well it was either it hit the support line to bounce up again, or hit the resistance line to fall down again... and it hit the resistance and went down again, just as i predicted....

i still need to figure out where its going to break out of the wedge. Either at the support or at the resistance.

From all indications... It seems ALGO is in for a bull run... lets keep watching

评论:

From all the indications the chart has turned out pretty nicely...

Price has bounced off resistance, and is bouncing off support... it seems to be gathering a lot of momentum at support level, probably trying to break through support but the support is weathering the storm....

So what gives... i see ALGO shooting up out of the triangle and heading for 0.000026 in the short term, and also a 0.00003000 in the longer term is conceivable.

If you want to take profit on this ride, i suggest a good entry point is at the bounce off from support btw 0.00002420 and 0.00002470