Description
⋅ Evening Traders,
Today’s analysis – ALGOUSDT –price action is at a key pivot, currently holding the Daily S/R
Points to consider,
- Trend impulse sell
- Daily S/R Support
- 21 MA Resistance
- Oscillators below 50
- Bearish PA
ALGOUSDT has had an impulse sell into key Daily S/R which has multiple technical confluences, proving it to be a true trade location.
The 21 MA has flipped resistance, reclaim of this level will keep a bullish market structure, a rejection will establish a bearish retest.
Both oscillators are below 50, this indicates weakness in the market as oversold conditions approach.
The current price action reflects the psychology of an head and shoulders, confirmation will be on a break of its neck line.
Overall, in my opinion, ALGOUSDT is at a trend pivot, further price development will be indicative of the direction of the next impulse.
Hope this analysis helps!
Thank you for following my work!
And remember,
The market can stay irrational longer than you can stay solvent. - John Maynard Keynes