Hi All,
My brother has invested in Algorand and asked me if it qualified as a Cup and Handle on the daily chart.
I'm no expert and still learning however I will not shy away from attempting to give it a go.
Hence why I made this post. Surprising is holding up strong, even after this morning's drop, it is doing better than many ALT's.
Observations:
============================================================
> Based on my understanding of Cup and Handle, its a bullish continuation pattern and it seems this qualifies.
The handle as I understand it, has to have some form of trend, either a channel or wedge which also is a continuation pattern.
If it drops to the 0.618 level, even better. So I do think its a cup and handle, but we will get confirmation after the fact, based on where it reaches.
> The neckline is clearly the major resistance
> The 50 and 100 EMA ribbon, where the 50 EMA on the 12H is playing a key support and has been tested once of recent.
> On the daily, the 200 EMA is acting as resistance but has shown to be support level on the 12 Hrly
> Daily RSI has a nice shape for the handle and the neckline has shown to be above the 80% mark, all bullish indicators.
My thoughts:
==========================================================
> 0.5 has confluence with the 0.236 fib level at the macro structure and hence why I see it as the primary target in this run.
It also has confluence with the depth of the cup.
> The 200 EMA has not been broken yet and hence is a major hurdle, if we see this broken and also get the 50 and 200 cross over, then this is something worth going long.
For now, I just see this as a short term opportunity with higher risk versus reward.
> BTC is looking weaker on the daily and weekly chart so I would be hesitant to invest long for any coins, unless you have already done so. Its holding a key support area but looking week
I would for now, trade short for all ALTs using some fundamental approaches with the trend in the lower time frames and using the cradle method.
Let me know if this chart makes sense and give me a like as a response please.
Regards,
S.Sari
(for my reference, Macro.Charts)
4 HRLY chart, focus on the handle component
Daily chart
12 HRLY chart, giving the RSI and candle sticks a better view.
BTC chart for today
My brother has invested in Algorand and asked me if it qualified as a Cup and Handle on the daily chart.
I'm no expert and still learning however I will not shy away from attempting to give it a go.
Hence why I made this post. Surprising is holding up strong, even after this morning's drop, it is doing better than many ALT's.
Observations:
============================================================
> Based on my understanding of Cup and Handle, its a bullish continuation pattern and it seems this qualifies.
The handle as I understand it, has to have some form of trend, either a channel or wedge which also is a continuation pattern.
If it drops to the 0.618 level, even better. So I do think its a cup and handle, but we will get confirmation after the fact, based on where it reaches.
> The neckline is clearly the major resistance
> The 50 and 100 EMA ribbon, where the 50 EMA on the 12H is playing a key support and has been tested once of recent.
> On the daily, the 200 EMA is acting as resistance but has shown to be support level on the 12 Hrly
> Daily RSI has a nice shape for the handle and the neckline has shown to be above the 80% mark, all bullish indicators.
My thoughts:
==========================================================
> 0.5 has confluence with the 0.236 fib level at the macro structure and hence why I see it as the primary target in this run.
It also has confluence with the depth of the cup.
> The 200 EMA has not been broken yet and hence is a major hurdle, if we see this broken and also get the 50 and 200 cross over, then this is something worth going long.
For now, I just see this as a short term opportunity with higher risk versus reward.
> BTC is looking weaker on the daily and weekly chart so I would be hesitant to invest long for any coins, unless you have already done so. Its holding a key support area but looking week
I would for now, trade short for all ALTs using some fundamental approaches with the trend in the lower time frames and using the cradle method.
Let me know if this chart makes sense and give me a like as a response please.
Regards,
S.Sari
(for my reference, Macro.Charts)
4 HRLY chart, focus on the handle component
Daily chart
12 HRLY chart, giving the RSI and candle sticks a better view.
BTC chart for today
Trade closed: target reached:
Discord: TradeToProspa
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This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
