Traders,
When I entered this a few days ago, we were above two big supports. We then dropped below. I wasn’t really concerned with this price action because I knew that it might simply be shaking out a few longs. But I am now underwhelmed with the price response today. While all other alts have 3-4% profit on average, ALGO shows a lackluster 2% and it remains under previous support, showing us that it may now be turning into resistance.
I have decided to unload ALGO for just slightly above breakeven. There are much more attractive charts out there and I will revisit some of these or I will simply reserve the money for Bitcoin trades. Since I have studied the BTC chart the most, it is least likely that I’ll overlook something on the technical side.
Best,
Stew
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