bmadden

Stairway to Heaven... Hell... or Purgatory $algo

Long
COINBASE:ALGOUSD   ALGO/USD
This set up goes all the way back to lowest point of Algo on Nov. 4, 2020 following the previous peak in Aug. 2020.

Notice the trend since Feb. 12th peak at 1.8585. The dips occur at the cross of the 3/1 (red ). The peaks occur at the cross of the 2/1 (yellow).

If the trend continues I see 3 possible scenarios to play out:

1. Algo breaks out in a big way when the 2/1 crosses the previous high of $1.8585. That has the look of a cup and handle . (Stairway to Heaven)
2. Rejection at $1.8585 with a retrace to the 3/1 line where it finds support. (Purgatory)
3. Rejection at $1.8585 with a retrace to the 3/1 line. Support lost and we enter a bear market. (Hell)

I don't trade. I HODL. Not investment advice.

Please share your thoughts or predictions.


Comments

I like this TA, quite detailed.

Fundamental analysis of Algorand makes me think that "hell" is extremely unlikely.

ALGO is lowkey one of the most discussed projects in all of crypto, but the conversations are hush-hush right now so it doesn't get hyped too fast.

The only way we see ALGO break down below $1.00 and become bearish is if we get legit bad news about the project, or the project starts to capitulate.

Fundamentally, only up for ALGO. The market cap could easily 5x.
+1 Reply
bmadden capitalkha
@capitalkha, Thanks for a the comments. I completely agree. I'm big on ALGO as a project and think the sub $1.00 days are behind us.

Fib Levels per this chart would have ALGO peak at $6 at 3.618 in Oct/Nov if two conditions are met.

1) The crypto market as a whole remains bullish until Oct/Nov.

2) ALGO flips the 2/1 from resistance to support until then (i.e. scenario #1 above)

Regardless, I'm looooong on ALGO.
Reply
capitalkha bmadden
@bmadden, i'd consider october november the longest it would take. im long too.
+1 Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter