After the correction that we just saw, it is just a matter of time before we bounce right back up.
My entry point is right now $1.69 the RSI is very low the MACD is also very low indicating a promising bounce.
The next few hours are important, if BTC can hold the line at $60K then we will see a quick turn around.
If the support breaks, the next stop is $52K so...
Trading suggestion:
". There is a possibility of temporary retracement to the suggested support line (1.7078).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. ALGOUSD is in a range bound, and the beginning of an uptrend is expected.
. The price is above the 21-Day WEMA, which acts as a...
Algorand is currently in this Chuvashov downward fork. This is a bullish pattern and we should see a break of the top resistance soon.
I'm looking for an entry on break or a very (very) small entry here and to scale it on the break.
This could send ALGO back to the $2+ area.
Watch this!
Short: $2.25 + When its below trendline resistance
Stop Loss: bar close above trendline resistance
Risky trade so keep your stops tight
Target trendline support
