Algo is slowly breaking out of a bullish wedge. There is resistance on .800 USDT
waiting for the 0.618 % fibonacci retracement for the second wave
11.07 - 16.07 - Class C bullish divergence 16.07 - 23/07 - Class A bullish divergence (its the best signals of an impending sharp rally)
The 4 hr chart is recommending a long trade on ALGO based on the CCI. The targets for this trade idea are $.800 (+20%), $.900 (+34%) and $1.00 (+50%). Recommended stop-loss level is a breach and close under the previous swing low.
Wouldn't get my hopes up on this one, but ALGO/USDT is nearing the bottom of a wicked falling wedge. If BTC holds steady and ALGO breaks out, target could be 1.60.
In my recent ideas I suggested, that Algo had a breakout from a Falling Wedge and that more upside movement would follow. And there was a move to the upside, but not very strong and not with a lot of volume. So now it seems to me, that there was no real change in trend yet. The bulls are still hesitating. So I adjusted the wedge... Let's see...
While price made lower lows, MACD / OBV Oscillator made higher lows = Bullish Divergence. Selling power was drying out and finally ALGO broke out of the Falling Wedge as expected.
We have two falling wedge Entry again at: $0.95 and $0.83
It would be a good sign if the 5th wave drop will be accompanied by a bullish divergence shown by the MACD.