SingularityNET (AGI) vs Bitcoin (BTC)

Hi all, welcome to this analysis of AGI vs BTC!

As you can see on the one hour log chart we having been forming a huge cup and handle pattern (shown in orange) over the past 6-7 weeks (which is the general minimum accepted timeframe for the base of the cup and handle pattern to actually form). This pattern is generally incredibly bullish and to further add a bullish perspective to this analysis; we have also formed a bull flag as shown in purple.

Looking at our technical indicators:

• Accumulation / Distribution is stagnant – hinting at indecisiveness as weak hands are selling and those who accumulated at the bottom are holding.

• RSI is trending towards oversold, although it is not quite there yet indicating that we may fall a bit further within the handle of the pattern. Considering we have fallen below both the EMA 50 and EMA 200 also supports the view of a further fall. Overall though, the RSI trending towards oversold supports the bullish patterns as shown in the charts.

• Arron Down is falling despite a bearish cross over earlier in the day, indicating there may not be a lot of bearish strength in play currently. Again, this further supports the above mentioned views.

• MACD is also coming to a header and will need to decide which way to go shortly, so with more signs that not indicating up – then this is likely where we will go. It’s worth noting that I would not trade within this region right now. Instead I will be looking for a confirmed breakout (with of course supporting volume) from the bull flag before placing my long trade.

Now in my chart I have included two scenarios of target prices. One is the target of the cup and handle pattern (note this could take a month at least to play out!) which takes us to about 4000 sats. I would be setting a sell order slightly below this, just to be sure though. Likewise if you believe more in the bull flag then set your sell order lower, at around 3600 to be safeish.

Now before anyone complains about the lines in this chart - please note the bull flag is not completely lining up in this image due to the overlay of the handle of the cup and handle pattern. So whilst you may look at it and declare there are not 3 touch points, I can assure you they are there and you only have to move the flag down further!

As always, if you like this analysis then please follow and upvote (it is sincerely the greatest compliment I can get!). I am still new to steemit and I am currently in the process of deciding for myself if this is where I should be placing my technical analysis and trade advice. I love the fact that it is powered by cryptocurrency, yet at the same time disappointed that there are some terrible analysts that have a huge amount of followers! I want to correct this and give you the most honest and accurate review of the market as it stands. I like to provide options and provide the relevant areas where you should make a buy or sell order depending on the scenario and breakout point.

Happy and safe trading!

Cheers