i missed the entry i was looking for, but i'm perfectly happy to buy this breakout. like we just saw with ETH, ALGO just pushed above 2x the local low, which to me is an extremely bullish signal.
here's where i'm looking to take profits:
1. $1.75 - absolutely taking some profit here because it's a strong resistance zone, right at the 1 fib extension level of the 2020 advance
2. $3.40 - closing in on the ATH, this is fairly conservative EOY target, given ALGO's current market share and the trend of total market cap
3. $5.50 - more aggressive target, but not unrealistic. this is right at the 1 fib extension level of the 2021 advance (which is exactly where we topped out on the prior advance). algo would need to add about 50% its current market share to get there, which is well within reason.
as usual, i'll probably hold onto about 10% to add to my long term ALGO bag. after taking some profit at the first target, i probably won't even use a stop-loss. not a fan of taking losses on coins i'm happy to hold.
here's where i'm looking to take profits:
1. $1.75 - absolutely taking some profit here because it's a strong resistance zone, right at the 1 fib extension level of the 2020 advance
2. $3.40 - closing in on the ATH, this is fairly conservative EOY target, given ALGO's current market share and the trend of total market cap
3. $5.50 - more aggressive target, but not unrealistic. this is right at the 1 fib extension level of the 2021 advance (which is exactly where we topped out on the prior advance). algo would need to add about 50% its current market share to get there, which is well within reason.
as usual, i'll probably hold onto about 10% to add to my long term ALGO bag. after taking some profit at the first target, i probably won't even use a stop-loss. not a fan of taking losses on coins i'm happy to hold.
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well that's one way to hit the first target
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if history is any indication, should get a shot at reentry around $1.50-$1.35. algo likes to retrace hard, and pump harder.
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looking like $1.51 was the bottom. hope no one was looking for that $1.50 reentry!
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on to target 2
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preview of coming attractions. this is a hell of a 5m candle:
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revised targets
