#ALGO/BTC TA Update:
#ALGO now at strong support we can expect bounce back form here.
if we lose this support then Bearish for Mid term.
I am buying some with tight Stop Loss.
if any candle close bellow 2200 satoshi then I will close this trade.
But ic an expect we can see bounce from here.
S: 2250 Sat
R: 2913/3360/4011 Sat
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ALGO/BTC
If ALGO will repeat the history to form a bottom at the same area of support, we could see a potential rally up to 4000 sats region.
The RSI is also painting a bullish divergence that perfectly coincides with the current price level and area of confluence.
This is a good setup to play a Long position and have your stop-loss placed under 2250 sats.
Daily
Looking at our trend timeframe we see ALGO continues in a minor downtrend since forming our head and shoulders pattern. Stochastic RSI showing momentum is in favor of the bears however it does look tobe slowing down. The last (2) daily candles do show some exhaustion with their wicks, possible we get a reversal at this level.
4Hour
Shifting over to our...
Daily
Looking at our highest timeframe we see ALGO has formed a head and shoulder (H&S) pattern and is currently testing our dynamic support at $0.30. Stochastic RSI showing momentum is in favor of the bears with no signs of slowing down. A bounce off this level invalidates this (H&S) however we would still need to close above $0.3200 to continue towards the...
Daily
Looking at our highest timeframe we see ALGO has remained in its uptrend since the beginning of February, although we are in a minor correction. Stochastic RSI showing momentum has formed a double bottom and the bulls are in a slight pause. Our (2) most recent daily candles are showing some wicks, could be an early sign of the bears getting exhausted. A...
Daily
Looking at our highest timeframe we see ALGO testing our dynamic support(uptrend) stochastic rsi showing momentum is in favor of the bears with no signs of reversal. ALGO formed a higher high with a daily close at $0.50 taking out our previous higher high at $0.40. Since making a new high the price has remained in a minor downtrend and is now looking for...
Weekly
Looking at our highest timeframe we see ALGO has never seen a bull run, and already shows some great upside potential. Support found at $0.18 and has remained in an uptrend since. Price has retraced about 30% since making a higher high at almost $0.5200, this week’s candle looks like it has bounced off our previous breakout zone. Some in the crypto...
Yes, the drawling is amateur, to say the least, but the best predictor for the future is many times the past. Algo has shown us it likes to peak and then peak higher as shown in the chart. The two areas I have circled both exceeded the angels I used for the four peaks highlighted. While we would all love to see the coin continue upward, and it might, I think we...
This setup is pretty bullish, ascending triangle and tight price compression is usually a sign of volatility ahead. I have no price target for this thing, but I do expect a green lightsaber in the coming days.
My idea is invalid if we break below the triangle. Stop loss on this is very tight, place your bet at your own risk.
