Overview
- Overall has been making a nice rising structure which has the potential to take off towards the current last high. I spend the hours getting free trade set-ups for USD pairs so you don't have too. Don't miss out and Follow! Let's start from the top!
Price Chart
- 4hr chart with 20/50/200MA's to help indicate future supports and resistances
- Currently, ALGO is respecting the 50MA so this yellow line can be used as a support
- Is possible ALGO is in the last stage of the inverse H&S where it does a small accumulation, and once complete, it could be breaking the green trendline indicating the neckline to send it to higher prices
- If you wanted to be really low-risk you could wait until the price touches the red trendline or if price retouches the 50MA to reduce your risk
RSI
- RSI value looks great as the value is not overbought or oversold so has plenty of room to grow
- Could be forming a symmetrical triangle and once the green resistance line is clearly broken, could indicate that it's breakout time
Stoch
- Stoch value is high but last ATH this value maintained high values so this could be the case here
BTC NOW
- Text explains chart
Extra Info
- Learn about ALGO here: algorand.foundation/
- ALGO VOLUME: coinmarketcap.com/currencies/algorand/
If you enjoyed this analysis or learned something new, please LIKE this idea 👍
FOLLOW for free trade set-ups and helpful trading strategies 🏆
Would also like to know your thoughts! Remember this is not financial advice, however, it is an overview of what I am seeing in this coin's price action.
-Happy Trading
MoneyGrind
- Overall has been making a nice rising structure which has the potential to take off towards the current last high. I spend the hours getting free trade set-ups for USD pairs so you don't have too. Don't miss out and Follow! Let's start from the top!
Price Chart
- 4hr chart with 20/50/200MA's to help indicate future supports and resistances
- Currently, ALGO is respecting the 50MA so this yellow line can be used as a support
- Is possible ALGO is in the last stage of the inverse H&S where it does a small accumulation, and once complete, it could be breaking the green trendline indicating the neckline to send it to higher prices
- If you wanted to be really low-risk you could wait until the price touches the red trendline or if price retouches the 50MA to reduce your risk
RSI
- RSI value looks great as the value is not overbought or oversold so has plenty of room to grow
- Could be forming a symmetrical triangle and once the green resistance line is clearly broken, could indicate that it's breakout time
Stoch
- Stoch value is high but last ATH this value maintained high values so this could be the case here
BTC NOW
Extra Info
- Learn about ALGO here: algorand.foundation/
- ALGO VOLUME: coinmarketcap.com/currencies/algorand/
If you enjoyed this analysis or learned something new, please LIKE this idea 👍
FOLLOW for free trade set-ups and helpful trading strategies 🏆
Would also like to know your thoughts! Remember this is not financial advice, however, it is an overview of what I am seeing in this coin's price action.
-Happy Trading
MoneyGrind
