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cryptomius
Sep 30, 2022 2:05 AM

ALGO completing Wyckoff accumulation phase Long

Algorand Perpetual FuturesFTX

Description

After a multi-month period of mark-down ALGO is exhibiting the final stages of Wyckoff's accumulation model:

1. Preliminary Support (PS) established
2. Selling Climax (SC) achieved
3. Automatic Rally (AR) occurred
4. Secondary Tests (ST) occurred
5. Price broke key resistance level (Sign Of Strength / "crossed the creek"
6. Price Backed Up ("walk back to creek")

The next phase is the mark-up phase.
This could correspond well with a mid-term rally off SPY support level.
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