Hello traders,
Today ALGOUSDT, on 1h frame i can see possibly forming bullish formation cup&handle. There is also resistance line on the edge of this formation and price bounced down there 3 times. Volume is increasing, what is good indicator of cup&handle. I personally opened small long with sl, because I am bullish here. But if price breaks above yellow resistance line - 1. cup&handle is confirmed = pump, 2. resistance line is broken out = pump... So I will watch out for this breakout there, and if occurs, I will open solid long :-) I will update soon
Its important to mention that still everything depending on what BTC does, so keep eyes on BTC as well. If BTC stays stable and dominance will be falling down, its another good signal for alts.
What are your opnions? I would like to hear your ideas!
If you like my idea, please like&subscribe for more analysis!
This is just personal idea, not investment advice
TRADE WITH BRAIN, NOT GREED
Today ALGOUSDT, on 1h frame i can see possibly forming bullish formation cup&handle. There is also resistance line on the edge of this formation and price bounced down there 3 times. Volume is increasing, what is good indicator of cup&handle. I personally opened small long with sl, because I am bullish here. But if price breaks above yellow resistance line - 1. cup&handle is confirmed = pump, 2. resistance line is broken out = pump... So I will watch out for this breakout there, and if occurs, I will open solid long :-) I will update soon
Its important to mention that still everything depending on what BTC does, so keep eyes on BTC as well. If BTC stays stable and dominance will be falling down, its another good signal for alts.
What are your opnions? I would like to hear your ideas!
If you like my idea, please like&subscribe for more analysis!
This is just personal idea, not investment advice
TRADE WITH BRAIN, NOT GREED