EuroMotif

ALGO.usd peaked as expected, now at 1st support of Retrace paths

COINBASE:ALGOUSD   ALGO/USD
Part of my ongoing analysis and trade setups (see links below).

Last call for Long trades paid out well.
We have since been watching the retrace.
Price is approaching some zones of interest.

It is possible that an ABC retrace is done, (look for an impulse up next).
Or it may dip below this support (longs stop hunt) before launching.
Of note: Algo has been out of correlation via Bitcoin (but will sync).

Previous Algo analysis (click):
.25 Retrace Map
.29 Top Alert
.24 Bounce Call
.20 Bottom Map

.
Dec 18
Comment: "Best Guess" target hit EXACTLY

Thanks to Bitcoin taking everything down, we have reached the extended wave C target
Zoom IN (1min) The price briefly pierced support but then got above But it also ran into the "support" zone above that is now acting as resistance.

Throwing a Fib on the bounce, It reached 3.236, not bad.
BUT it came back into the Impulse zone, and now the 2.236 may be resistance.
Bulls need to push to the 4.236 asap to form a decent impulsive wave bounce.

=============================================================
Dec 18
Comment: Bounce still looks good.

Holding up nicely so far
There was even the requisite Stop Hunt before resumption of uptrend
This bounce made it to the 4.236 and looks to be headed to the 4.618
Zoom back OUT the Red arrow down is from snap shot above, at the 4.618.
Just above the Blue 5.618, which falls within a previous support zone (blue pointer arrow).

So at this time, I am looking for 0.245/49 as next target.
What it does there will be very telling because it "should" reject a couple times at least....

=============================================================
Dec 20
Comment: Follow up to last SnapShot above ^^

As expected, the .245/49 zone rejected price Only variance from guesstimate was the blue 5.236 rather than the 4.618 that tripped it.

.

Zoom IN (3 min) and expanding that blue fib from above pic The 1.236 bounced it. And that is a common occurrence.
Not necessarily a "strong" bull sign, but a bull sign nonetheless.

.

Zoom IN (1 min) and trying a fib on the bounce: It got past the -0.236 extension, which is a very common "Overshoot" target but not a continuation sign.
Not rejecting there is a good start, lets see if we get to at least the -0.618 extension.

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Comments

How are you getting such clear candlesticks?
My chart looks like shit when I use 1 or 5 minute.
Reply
EuroMotif RTurner090
@RTurner090, I use "Heiken Ashi" candles.
I think those are only available to paid accounts, at least on less that daily timeframe maybe?
But HA candles average the last candle with current (kind of like a moveng average of period 2), so they smooth it out and get rid of gaps.
The exact price at a given instant will be off a bit, but the wicks show the real max/min price while the while the bodies get averaged....
Reply
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