ALGO - Unlikely to go Much Lower. 25% and more Upside potential!
ALGO looks to be hitting it's bottom again. We also see a price consolidation occurring.
This Bottom Support trend line stretches back to March, and has proven to be a solid trend line. We're also approach the upper trend line from the initial listing on Binance. Seeing a lot of historical correlations all across the market right now and that's a good thing.
RSI is over sold
MACD just turned bullish.
We're below all notable EMA's.
Volume has been declining signalling a weakening of downtrend.
This combination of signals is bullish. The position being on key resistance with price consolidation containing higher lows on the March trend-line is very bullish.
Three possible approaches to entering here:
1. Buy in now and SL below our support. There's enough potential uproom this should fit into most risk/reward strategies.
2. Wait for a breakout from the upper trend line, preferably with a volume increase as the verifying signal. You'll get less profit, but when a breakout happens it carries with it momentum that tends to complete the movement making this less risky. That's not to say it's 100%, nothing is 100%.
3. Wait for a rejection at the upper trend line and potential retest of bottom support. This is the safest approach, but runs the risk of you being to safe and not getting your entry point. You'll be able to see if the retest holds, and if it fails just move on. Additionally you'll likely get a lower price than buying in now, so if you buy in and SL and things go south, your losses will be somewhat controlled.
--
I'm a guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.
If you like my analysis, then leave a like and feel free to follow for more free content. If you don't like it, then leave like but do it with anger; I'll be able to tell the difference. Feedback, criticism and crude humor are welcome 🤙😁
This Bottom Support trend line stretches back to March, and has proven to be a solid trend line. We're also approach the upper trend line from the initial listing on Binance. Seeing a lot of historical correlations all across the market right now and that's a good thing.
RSI is over sold
MACD just turned bullish.
We're below all notable EMA's.
Volume has been declining signalling a weakening of downtrend.
This combination of signals is bullish. The position being on key resistance with price consolidation containing higher lows on the March trend-line is very bullish.
Three possible approaches to entering here:
1. Buy in now and SL below our support. There's enough potential uproom this should fit into most risk/reward strategies.
2. Wait for a breakout from the upper trend line, preferably with a volume increase as the verifying signal. You'll get less profit, but when a breakout happens it carries with it momentum that tends to complete the movement making this less risky. That's not to say it's 100%, nothing is 100%.
3. Wait for a rejection at the upper trend line and potential retest of bottom support. This is the safest approach, but runs the risk of you being to safe and not getting your entry point. You'll be able to see if the retest holds, and if it fails just move on. Additionally you'll likely get a lower price than buying in now, so if you buy in and SL and things go south, your losses will be somewhat controlled.
--
I'm a guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.
If you like my analysis, then leave a like and feel free to follow for more free content. If you don't like it, then leave like but do it with anger; I'll be able to tell the difference. Feedback, criticism and crude humor are welcome 🤙😁
Come hang out with me on telegram, it's free and I won't be too mean too mean to you:
t.me/KadnimCrypto
t.me/KadnimCrypto
