ALGO - GO, GO... GO?

1 mar 2020

Wondering about the same patterns repeating here to drive ALGO on for another push.

Bull pennant fakeout on bearish divergence (the most recent was largely down to the latest BTC dump), drop and test of 200 4hr EMA (blue), inverted H&S at that level then push on up to another higher high from there.

I plan on trading this idea and will be entering around this level. Let's see what happens.

ALGO seemed to do a similar skip along the 200 4hr EMA late last year before losing the trend.

Invalid with a confirmed close below and bearish retest of the 4hr 200 EMA.

2 mar 2020

Nota

Things going to plan for now. The 200 4hr EMA has been tested and price has bounced from it to form the possible Head of the potential IHS.

If BTC doesn't put in any major moves we should see price move towards the blue boxed resistance area/neckline and then assess.

OR, we may see another drop lower to form a deeper Head. Bids are stacked in case of that.

2 mar 2020

Nota

It blew through resistance at around 39k-40k sats, I'll reload on a potential re-test of that but am taking profit here, at daily S/R of 43k sats.

Guess we can rule the potential IHS out.

3 mar 2020

Nota

Had some bids filled on the re-test of the 40k-41k sats range. Suspect we'll range around here for the next 24-48hrs before we find out which direction we break in.

7 mar 2020

Nota

Algo moved higher quicker than I thought. Took profit at 4690 and it now seems that there's a bigger IHS being formed than in the original idea. This patterns also seems to be forming in a rising channel, where it was rejected at around 4700 to come back down to MAYBE form the right shoulder. Currently reloading on the assumption that the rising trendline AND the 200 4hr EMA holds (general area where the right shoulder is marked.

Targets marked, current plan is to close the trade at 5740 but Algo has potential to run a lot harder than that, so it'll be a case of reacting to whatever develops.

Updated chart...

7 mar 2020

Nota

The watch out here is if price taps the 200 4hr EMA (now in green) and doesn't bounce and/or gets stuck under the 100 4hr EMA (now in blue).

8 mar 2020

Nota

Aaaand price is indeed languishing in that invalidation area after BTC dumped yesterday. It broke the blue support box earlier and this dip has now run deeper than the left shoulder. RSI is in the reversal zone so we'll need to see a reaction soon or it may be a case of coming back to ALGO some other time. It's been on a great run, so if that's the case, all good.

Updated chart

8 mar 2020

Nota

Stopped out on 65% of the position. Will reassess the rest of the position in the coming few 4hr candles but it seems most of the current Alt action is in the likes of OGN, HBAR, LTO et al, so I'm more focused on managing my positions in those and thinning this one out to mitigate.