Almost $100 billion dollars was added to the crypto market Tuesday afternoon
These price movements confirm (for now) that the bottom is in for Bitcoin and Ethereum – barring some unexpected news that could cause some turmoil in the markets
Algorand / $ALGO
- On Tuesday morning we looked into Algorand and identified upward momentum
- And just as expected, price shot over the threshold peaking at $0.34 and finding new support at 33 cents.
- I took profits at ~$0.34 range and will likely buy back in when price dips below $0.33 again
- I’ll be watching technical indicators closely for a re-entry
- Particularly looking at 4-Hour RSI levels to dip below 50
- Also looking at the MACD cross to a buy signal – looks like we’re a few days away from that happening
Ethereum / $ETH
- Ethereum showed the highest gains
- This tells me the crypto space is betting on Ethereum leading the altcoins going into the next bull run
- I will be reassessing my Cosmos, Polkadot, and Chainlink positions based on Ethereum’s price action over the next couple months
- A bull flag is in play for $ETH with the potential for another leg up based on price structure
- But a few factors are indicating a move down instead:
- FOMC is likely to get priced in by stragglers, particularly over the weekend
- RSI is heavily overbought
- MACD is about to cross over into a sell signal
- I will be looking to enter an $ETH position when RSI dips below 50 and the MACD prints a buy signal
- I may also wait for volatility around FOMC and midterm elections to die down
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