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TheSignalyst
Sep 10, 2021 11:00 AM

ALGO - The Beast Is Awakened! Long

BINANCE:ALGOUSD1D
Algorand / US DollarBinance

Description

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Algorand, or what I called "the sleeping giant" is finally awakened.

As per my previous analysis (attached below), we have been waiting for a confirmation to buy ALGO around the support 0.700

ALGO activated the buy and traded higher aggressively. This movement reminded me of FTM and how its parabolic movement started.

NOW WHAT?

ALGO broke above the 1.8 - 2.0 resistance zone so it is now acting as support and we will be looking for buy setups on its retest.

Our next rejection / resistance area would be 2.8 - 3.0.

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich

Comment

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Trend AnalysisChart PatternsWave AnalysisalgoBullish PatternsreversalparabolicalgousdalgorandBTC
Comments
cash_gold
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Is it ready to pump again now?
TheSignalyst
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@cash_gold, let's wait and see
naidmanshah
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hey can you give an update on ALGO? Seems to be hovering around support for a few days, was moving independent of BTC and ETH last week but now seems to be tracking market...do you think it will follow broader market for next few sessions or can pump and if the latter whats the trigger point?
dbfxinfinity
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@naidmanshah i agree
financialflagship
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Great call, keep them coming. 🚀🚀
TheSignalyst
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@financialflagship, my pleasure Alex
InkyGrip
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Interesting view 🦐️
TheSignalyst
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@plancton0618, thank you Plancton
DiscoG
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I'm in now, great job Rich!
TheSignalyst
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@DiscoG, good luck buddy
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