Chart shows common supports and resistances based on the fibonacci and price action. The evaluation for ALGO is bullish. The asset is very volatile in the long term so one should take reasonable take profit levels for every pump, the price action is also healthy in terms of creating lower highs as a sign of buying interest. Every significant drop towards the oversold region indicated 2 new lower highs and will be more likely to happen in the future as well, hence each drop should be considered as a buying opportunity compared to other assets like SLP which shows no past respectable retraces/confluence of buyer interest.
Take heed on getting better positions, do not long right away.
Take heed on getting better positions, do not long right away.
Comment:
Due to the positive news of FED today, the move to the upside is more likely now than approaching the 1$ range however the resistance near the 2$ is still a major resistance until proven otherwise. Happy Longs Everyone!