Bounced from channel trend line to hold above the support at 0.00003228 probably ALGO won't break down and will break up the downtrend channel at target 0.00003700
Take a look at my last analyse for ALGOBTC ... We hit a good profits.
Price action of Algorand / Bitcoin is forming a bullish Shark and soon it will be entered in potential reversal zone insha Allah.
This PRZ area should be used as stop loss in case of complete candle stick closed below this area.
I have used Fibonacci sequence to set the targets:
Buy between: 0.00002955 to 0.00002636
Sell between: 0.00003342 to...
ALGO is on healthy pullback consolidating above support area 0.382 - 0.5 Fib. If ALGO can sustain this level of support in the coming days or weeks.
There is a high probability to continue its uptrend again provided no red flags happen.
ALGO printing nice falling wedge, but price is under uptrend line, today was fakeout and retest this trendline after Binance team posted news:
"Binance Will Support the Upcoming Algorand (ALGO) Network Upgrade "
If price will back above trendline again on high volume, propably price will go up again . Next...
Don't overthink this.
Please keep in mind wyckoff accumulation is simply a range with some extras. If you think it's more complex than it is, just keep these things in mind:
SC is a selling climax
ST is a (re)test of that level
AR is an automatic rally
LPS is a last point of support
SOS is a show of strength
The definitions speak for themselves.
Finally crossing over ~4k sats resistance level after multiple tests and rejections on this level (Volume is decreasing tho..!)
Looking for a flip of this level on the 12H/1D charts as potential entry for a long position
UCTS showing buy signals on the 1/2/3D charts