ALGO - STILL IN A FALLING WEDGE! What's Happening Next?

Happy Icy Texas Friday, Traders!

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Here's a trading idea.

But firstly...

Quick Disclaimer:
Trade at your own risk. This post/chart is for your reference only, it is not intended as a recommendation, nor is it an advice to sell nor buy this crypto asset, nor to place any trade.
Trading poses a risk of losing some or all of your money and it will be your responsibility if you lose money.
I am not trading this asset but TA on this asset has been requested, so it is my pleasure to present my views on this ALGO /USD pair.

ALGO continues to be pushed downwards as the Bears continue to feast.

ALGO dipped down to the Blue Support Bar and has now pulled back.

ALGO continues to be in a Falling Wedge and if ALGO keeps dropping the next level to watch out for is the 84% Fib @ $0.9436 with a confluence support by the Green Extended Support Trend Line .

Further push of price down could bring ALGO out of the wedge towards the 100% Fib level at $0.6702 - an area of key support.

If ALGO bounces from the Blue Horizontal Bar, the next level to watch out for is again the 21MA and the Red Resistance Trend Line above.

MACD: If ALGO manages to keep its level above 0.1217 then it will maintain its Bullish Divergence against the price action.

Stoch RSI (1Wk TF): Take note that the setting on this chart for Stoch RSI is set on the 1Wk Time Frame.
Stoch RSI on this chart has crossed bearish and about to cross the 20 Level towards the Oversold Region.

A conservative trader like me would consider price going above the 12MA or even the 21MA and above all resistances prior to entering a long position.

Price action is KING!

Always remember to place your Stop Loss.

Patience and Discipline are KEYS to a successful trade.

Trading is both a Science and an Art.
Develop an intuition and listen to your instinct while following the rules putting emotions aside.
If you have not yet developed it, you will develop this as long as you stay consistent with following
the rules. The skills will become second nature to you much like how you acquire the skill in riding a bicycle.
Soon it will be your subconscious running your trades, again, much like when riding a bicycle
the balancing is controlled by the subconscious part of your brain.


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