ALGO/BTC 8R long

25 apr 2020

In the current climate, trading alts is risky, but then when isn't it risky? For those that are risk-on..
ALGO looks interesting to me:

• Bounced off long-term support
  
• Has made a couple of higher highs and higher lows (Williams Trailing Stops)
  
• 8/21D EMA bull cross (Exponential Moving Averages)
  
• Solid green daily trend for the last 3 weeks (Price Action Trend | Simple)
  

I'm thinking even if it goes where I want, it might range for a little between the nearest support and resistance zones, or at least come back to retest the 21D EMA.
So my entry bid is at 0.00002735.
Stop is under recent lows at 0.00002493. Targets are up to your style, but logical places would be under resistance zones: 0.00003786 (set stop in profit), 0.00004853 (for 8.5R), 0.005616 (and so on)
I'll pull it on signs of general market weakness.
Look at that weekly chart though - ALGO has great potential if alts do finally run.

1 mag 2020

Trade chiuso: stop raggiunto

Well, Bitcoin took a leap and alts took a dive. ALGO now back in its support box for the 4th time.