Hi, Friends hope you are well and welcome to the new update on ALGO. Big wedge and a long-term support: Algo has formed a big falling wedge on a weekly time frame, however, at the moment ALGO has dropped at a very long-term support of $0.16 and this level is working as a support since Sep 2019. Oversold on weekly time frame: Weekly Stochastic is also...
Right now ALGO is testing the most common Fibonacci retracement level, 61.8%. We want to take buying opportunity at this time as any kind of a pullback would be healthy for this bearish trend.
I think we should wait for growth in altcoins Your own risk Don't forget to like and comment
Moment of truth for Algorand. Will it close above its recently re-gained trend line this week and this month? Above .30 with some sideways action would be ideal. Because if it does, it will have quite the bull run. If not, it may need to re-visit 14c and that would delay the structure. But so far so good! Cheers!
That's the make or break for Algorand. Yesterday drop ended up with a bull trap and a chance for trend reversal. There are three rules in place now. - We want to stay above the yellow line ( the previous low on a weekly chart ) - Closing below yesterday low invalidates the setup - Closing below 0.1560 will propably mean that Algo will drop to 0.1150
Algo has also entered my target down area and with the daily RSI into oversold territory, I believe this is an appropriate area to enter. Yes, Bitcoin could still come down to that 25,200 neckline area or lower, dragging ALTS down even further, but I have set my entry targets for these recent alts trades and will stick to the trading strategy at this point,...
Also a chance to retest the zone around 0.23 +-, we will see how BTC will be etc... we are close to the summer lows and in a very volatile place so be careful and always SL
Look Who It Is! Friends always ask me: Danial, why do you choose a weekly time frame in your analysis? I say it's correctness for the trend analysis. After all, In this job, Nothing is certain. As you can see on the indicator, the price passes the trendline and back again below the trend. (fake out is shown by a blue circle). Besides, a divergence shows up on the...
BINANCE:ALGOUSDT.P Asset analysis From a technical point of view, by reaching the entry point marked with blue color in the image, it can have a good profit for the owners of this asset.
Above is the chart describing potential swing trade on algorand I mentioned before. Very low risk, stopping if confirms break to the downside
This one is also on daily support and likely to bounce from here. It may dip below the support for a while but anyways a long towards daily resistance looks favorable here. The daily resistance is sitting around 0.206-0.210 zone.
Looking at Algorand/USDT 4H on Binance, it seems like there is a long road ahead for ALGO bulls. We see two recent rejects at the .5 FIB / $.24. The retracement found support on the 200MA but the subsequent bounce was unable to fully recapture the .382 FIB at $.225. I'd expect some chop between the 200MA & .382 then a drop down towards $.21. With the two...
Supports do not seem to be holding the price resumption downward. I expect the next support to be at 4h timeframe entry price area. NFA
Hello guys. ALGOUSDT in Daily TF. Look for rising triangle in chart... Thanks.
Algo stands at the double Fibonacci support, which implies a potential short-term rally throughout this week. A new lower low will immediately invalidate bullish outlook, but for now things are looking bright for ALGO.
After a minor pullback to change of character area, I expect a liquidity grab from the prior high and go down from there. NFA
✅Before we start to discuss, I would be glad if you share your opinion on this post's comment section and hit the like button if you enjoyed it. Thank you. We don't need to draw a lot of lines on a charts. Here is weekly timeframe and everything what you should know about Algorand price action for 2023 Possible Targets and explanation idea ➡️Weekly chart....