Triple Confluence with fibs right now at S/R close to 40 cents.
In a huge bear flag after big distribution pattern.
Embrace the bears and cheap Algorand!
In a huge bear flag after big distribution pattern.
Embrace the bears and cheap Algorand!
Comment:
Sorry, I would consider this continuation pattern that AlgoUSD is in right now an ascending triangle - which typically you see in uptrends as a bullish continuation pattern - but during a downtrend it can act as a continuation pattern to the downside.
Comment:
to be fair - the BTC side of algo is out of its years long downtrend and moving along. The thing right now is - BTC's dominance chart is taking back dominance from alts, though. So, I think that many alts still have plenty of room to get clobbered.
Comment:
I keep coming up with the 40 cent area when I test more fib sequences - depending on where you place the big picture .786 - 50-57 cents may be a good area, too. 40 cents to 57 cents is my sweet spot for ALGOUSD. That may seem a bit wide, but I'm pretty confident in it.
Comment:
Anyone following this - there is a chance that BTC actually does play out as a Wycoff accumulation, in which case, everything has probably bottomed. If we don't make a lower low - and hold above our previous low, this may just be the test portion of Wyckoff accumulation. We shall see.
Trade active:
Honestly, the real support is down toward 17-26 cents.
