ALGOUSDT | Massive Volume | S/R Flip |Trade Setup
Afternoon traders,
Todays analysis - ALGOUSD – Trading above the structural support zone projecting a healthy inclining trend
Points to consider:
- S/R flip retest must hold
- High overall volume
- Declining immediate volume
- RSI trading above 50 putting in lower highs
- Fibonacci and structural resistance technical targets
ALGOUSD recent S/R flip must respect local trend and consolidate above the structural support zone for a bullish continuation.
Overall trading volume has increased drastically adding legitimately in the price action, however, a decline of immediate volume is indicative of an influx being imminent.
RSI trading above 50 with a healthy higher low projection showing strength in the market.
Overall, in my opinion, ALGOUSDT needs to consolidate above the support zone and respect the local trend for a valid long trade to technical targets.
Todays analysis - ALGOUSD – Trading above the structural support zone projecting a healthy inclining trend
Points to consider:
- S/R flip retest must hold
- High overall volume
- Declining immediate volume
- RSI trading above 50 putting in lower highs
- Fibonacci and structural resistance technical targets
ALGOUSD recent S/R flip must respect local trend and consolidate above the structural support zone for a bullish continuation.
Overall trading volume has increased drastically adding legitimately in the price action, however, a decline of immediate volume is indicative of an influx being imminent.
RSI trading above 50 with a healthy higher low projection showing strength in the market.
Overall, in my opinion, ALGOUSDT needs to consolidate above the support zone and respect the local trend for a valid long trade to technical targets.