ALGO is 0.14 now. I shorted it, target 0.128, stop loss 0.145
Don’t think I’m shorting it because I’m bearish. It’s just that the short-term setup looks too ugly. On the hourly candle that pushed to 0.1435 today, the upper wick was long, and it pulled back after the spike, which shows there were a lot of people waiting to sell above 0.143.
For an old coin like this, there are a lot of trapped holders. After a 18% rise, it just happened to reach many people’s cost basis. After being trapped for months and finally getting back to breakeven, their first reaction is to sell. The breakout is real, but a pullback to confirm after the breakout is also standard. I’m just looking to make money from that pullback.
Around 0.128 is exactly the upper edge of the breakout range, so I’ll exit once the pullback reaches that level. If it goes above 0.145, that means there’s no pullback anymore
Don’t think I’m shorting it because I’m bearish. It’s just that the short-term setup looks too ugly. On the hourly candle that pushed to 0.1435 today, the upper wick was long, and it pulled back after the spike, which shows there were a lot of people waiting to sell above 0.143.
For an old coin like this, there are a lot of trapped holders. After a 18% rise, it just happened to reach many people’s cost basis. After being trapped for months and finally getting back to breakeven, their first reaction is to sell. The breakout is real, but a pullback to confirm after the breakout is also standard. I’m just looking to make money from that pullback.
Around 0.128 is exactly the upper edge of the breakout range, so I’ll exit once the pullback reaches that level. If it goes above 0.145, that means there’s no pullback anymore