Algorand was showing the strongest type of structure prior to the sell-off in crypto throughout todays Asian-Session.
Considering this neutral pennant has held, and that price does not fall below 1st support at 1.70 USD then ALGO looks clear to re-test the top of the wedge around 2.30USD, 2nd Resistance.
Bitcoin must hold above 60K USD for this trade idea to stay valid, should BTC/USD fail to do so then new lows are inbound on ALGO around 1.55USD
1ST SUPPORT: 1.70 USD
2ND SUPPORT: 1.55 USD
1ST RESISTANCE 2.00 USD
2ND RESISTANCE 2.30 USD
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Considering this neutral pennant has held, and that price does not fall below 1st support at 1.70 USD then ALGO looks clear to re-test the top of the wedge around 2.30USD, 2nd Resistance.
Bitcoin must hold above 60K USD for this trade idea to stay valid, should BTC/USD fail to do so then new lows are inbound on ALGO around 1.55USD
1ST SUPPORT: 1.70 USD
2ND SUPPORT: 1.55 USD
1ST RESISTANCE 2.00 USD
2ND RESISTANCE 2.30 USD
“Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party."
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