Have we lost you, ALICE? In my previous analysis (below), I showed how ALICE has been trading above long-term support since March 2021. Despite the brutal drops in BTC’s price, ALICE is still trading above its long-term support, but for how much longer?
The updated idea shows the key local support ranges as we approach the long-term support; they are approx every ~$0.50. There has been strong support today at the $11.30 level but it may only be a matter of time until it breaks.
From a trading perspective, these local zones can still be traded with tight stop-losses and care. For instance, when BTC was falling toward its 42.5k support a few days ago, ALICE was also falling but found strong support at $11.50 where it quickly rebounded to $12.42, which, if traded would have yielded an 8% profit within an hour. When trading these zones it is worth moving to lower time frames and always looking for confirmation of support before entering a trade.
Please note I am not a financial advisor and this is not financial advice. All ideas are for educational purposes only :)
Please feel free to leave your comments and thoughts below!
