💥After a profit of about +20%, my first round of $ALT has turned negative -10%. 🤔
$ALT , like many tokens listed on Binance in 2024, all follow the falling wedge pattern and just broke the upper edge of the wedge in early August.
👉However, as I analyzed before (see the attached article below), when the falling wedge pattern is broken, there are many cases where the price will sideways for quite a long time at the bottom instead of growing immediately. Many people misunderstand and rush into LONGing with max volume and leverage as soon as the price breaks out of the wedge, which is very risky, and there is a high possibility that the MM will burn the order.
The best way is to wait for the price to break the wedge, then retest the upper edge of the wedge to find the entry point, and absolutely adhere to the stoploss.
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With the current situation, my second round of buying at $ALT will start when AltLayer's capitalization falls below 100 million USD, corresponding to a price of 0.04 - 0.06$.
If I can buy in this area, the average price of my 2 buying rounds will fall to 0.06 - 0.08$. In case the price DOES NOT GO THAT deep, I will not buy more. Please refer to the plan!
If anyone is chasing the top or wants to join the AltLayer boat, please comment to find teammates 😎😎
