ALGO/USDT Secondary trend

Secondary trend. It formed a cup, the price at its resistance.

Cryptocurrency of 2 groups. XRP group. Al/gor/and.
Coinmarketcap: Algorand.

ALGO/USDT Main trend

Comment:

This is what it looks like on the 1-day timeframe. By the way, this action also knocked down all the shorts' stops

Comment:

from the level of 1.6 redemption by +44%, which provoked a panic buy and knocking out of the shorts' stops. Timeframe 1 minute

Comment:

Short Squeeze. Breakout of the support zone 1.6 lowering the price to the dynamic support of the internal upward channel and reversal from it. At the moment the price is at the secondary trend resistance zone and the mirror resistance level 1.6 (former support). An important zone, on which further development of the secondary trend depends. Work in the channel.

Comment:

The timeframe is 1 week, to show the main trend. The uptrend has been broken. At the moment the price is under the trend line (green). A wedge has formed in the secondary trend (red) on the decline. The price is at the previous reversal zone of the secondary trend.

Locally, the retest to the trend break zone is possible +40-80% in case the wedge resistance is broken. It is also worth recalling that after dropping -78% from the trend highs, price is still in super profits. At the moment at +160% of the average price of the primary accumulation (not the price lows). Consequently, it is rational to use a stop loss at work. Another option is martingale + pyramidal, but in this case (since the price is still high of the accumulation) it is a less effective strategy. If the price is still declining and you do not work in shorts (if there will be a retest and not fixing), then I advise you to cancel the coin in the "watch" and put alyarms in the buy zone.

I would add from myself, this is a very strong and useful project in the future, which has immunity from evaporation (comparable in usefulness to DOT, ADA, ATOM). Therefore, you should accumulate such crypto creation. Through trading, try to increase the number of coins. In the future (2022), when pumping the most hated crypto anarchist coin, this creation at the expense of less liquidity (higher can be done by less pressure from sellers) and less PR will reward you in full.

Comment:

This trading situation is a potential reversal zone on the 1-day time frame.

Comment:

+40% at the moment.

Comment:

After a local growth of +44%. Rollback to the former support zone 0.666 (breakdown of the secondary trend, i.e. the wedge). Now the important zone from it depends on what local and medium-term trend will develop. Locally, in the case of retention of, the support area may form a double bottom (depicted on the chart).

Be careful in your work, limit the risks, do not hurry with the entry point, do not enter with the whole sum. Be guided by where the price is in the main trend.

Comment:

Further trend development on this cryptocurrency. Pay attention to the large "buyer volume" in comparison with other trading periods.

Comment:

The price could not overcome the resistance of the downtrend near the reversal zone (purple). Shorting to the first target (0.4666)-30% The price reached the 0.36 squeeze level again

Comment:

Comment: