Correction , Wedge-pattern , Possible Bullish reversal trend
Hello Traders !
I hope your doing well :)
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- On Weekly chart we can that ALGO is trading in ascending channel making higher highs and higher lows , if we zoom in to catch more data we can see that on our 1 daily time frame chart ALGOUSDT is currently trading inside an falling wedge pattern after the big impulse we had on 8 September 2021 , since then correction started.
-Based on the favorable scenario buyers will try to maintain level of support 0.9$-1.0$ ( strong demand area ) which is confirmed back on September 2021 where we had our RBR ( Rally , Base , Rally ) indicating that this an important level for buyers to push price higher.
-Until now Price action is performing inside this wedge pattern making lowers lows and lower highs waiting for the scenario to be achieved, otherwise we can fall towards level of support of 0.75$ which i doubt.
-We need to see the buyers taking price higher soon starting from our demand zone and reclaiming the last low swing and initiate the breakout to validate our scenario.
Good Luck Traders!
I hope your doing well :)
- Please push the like button if you like the content or drop a comment to share your idea!
- On Weekly chart we can that ALGO is trading in ascending channel making higher highs and higher lows , if we zoom in to catch more data we can see that on our 1 daily time frame chart ALGOUSDT is currently trading inside an falling wedge pattern after the big impulse we had on 8 September 2021 , since then correction started.
-Based on the favorable scenario buyers will try to maintain level of support 0.9$-1.0$ ( strong demand area ) which is confirmed back on September 2021 where we had our RBR ( Rally , Base , Rally ) indicating that this an important level for buyers to push price higher.
-Until now Price action is performing inside this wedge pattern making lowers lows and lower highs waiting for the scenario to be achieved, otherwise we can fall towards level of support of 0.75$ which i doubt.
-We need to see the buyers taking price higher soon starting from our demand zone and reclaiming the last low swing and initiate the breakout to validate our scenario.
Good Luck Traders!