ALGO - Wait for the Breakout
Many are expecting another crypto flash crash soon and there has been a lot of selling pressure.
However, I believe a strong support has been established as buyers continue to accumulate at the $0.80-$0.85 range.
Both the range and standard deviation have narrowed which typically precedes a breakout.
This tug-of-war between buyers and sellers has created a triangle pattern in which the final breakout will cause a large swing in the market.
If we see a breakout above the local descending resistance, we will likely see a retest of around $0.94
If so, I will look for buy setups on the retest.
Let's see what happens!
However, I believe a strong support has been established as buyers continue to accumulate at the $0.80-$0.85 range.
Both the range and standard deviation have narrowed which typically precedes a breakout.
This tug-of-war between buyers and sellers has created a triangle pattern in which the final breakout will cause a large swing in the market.
If we see a breakout above the local descending resistance, we will likely see a retest of around $0.94
If so, I will look for buy setups on the retest.
Let's see what happens!
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