I heard plenty of chatter that BTC formed a Wyckoff Distribution into the dip. Similar to BTC, I see a fairly neat Wyckoff Accumulation here with ALGO that may indicate we have seen the bottom. If this holds, we should go "back-up" and flip the resistance into support on a retest.
However, I am new to this pattern and it is possible the "Spring" is actually "ST in Phase B". If that is the case we would drop below $.67.
I would be happy to hear from someone more experienced.
What I am seeing is a quick spike that happened too fast across crypto. I've read others who believe this as well. It appears support for algo is roughly going to be around 0.70-ish and possibly crash to that range in a day or 2. Perhaps then be trading between 0.70 to 0.85 "ish" for the next month.
Disclaimer: This is just my thoughts on the direction of Algo currently and is not to be taken as trading advice. Anything can happen in the market. Trade at your own risk.
bmadden
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@Wraith3385, I don't totally disagree. I just updated my hourly chart to change the "Spring" to be the Secondary Test in Phase B. However, I think we still around a trading range between $1.02 and $.85. Maybe just wishful thinking.
Disclaimer: This is just my thoughts on the direction of Algo currently and is not to be taken as trading advice. Anything can happen in the market. Trade at your own risk.