Update to my ongoing analysis of AlgoRand moves (see links below).
Here I am with another messy chart, I know.
We bounced as expected and topped as expected.
Now comes the TOUGH call, many possible paths.
We look to be in a "wave 3 of C" at this time.
But the w1 and w2 were unusually tall so am unsure.
We should see one more leg down, perhaps a stop hunt.
In...
AlgoRand bounced EXACTLY where expected (see idea link below).
But the bounce looks and measures "corrective" more so than "Impulsive".
Plotted are two scenarios for the correction to continue to new local lows.
Hopefully I am WRONG and we see a sudden surge like Algo does.
One good sign is Algo moving somewhat independently of Bitcoin.
But short of a surprise...
Quick plot to observe price action around expected supports
We have just hit a support zone, which should at least slow it down.
Am expecting one notch lower, but it could bounce here and now.
In my last plot below, the retrace played out roughly as expected.
The bounce took off from a zone defined by these same fibs.
But the bounce was almost vertical, so it...
As we can see in the daily chart, the bearish rectangle has formed over the past two months. Today the price breaks down the low trendline of the rectangle, thereby confirming that the bearish consolidation phase is over, and the bearish downtrend has resumed.
On the technical side, the RSI has been an accurate indicator of market strength. Over the past two...
As you know, Bitcoin took a dive and took everything with it.
ALGO was running at its own pace until the last day or so.
But we also knew that a serious correction was over due.
Plotted are two possible pathways for the next leg down.
Correction MAY be done, but I see a wave (3) needing a (5).
If it gets past the bottom of wave (1) then correction DONE.
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...
Priceline of Algorand (ALGO) / US Dollar is forming a bullish Gartley pattern and soon it will be entered in potential reversal zone insha Allah.
Do use the potential reversal zone as stop loss in case a candle stick closes below this PRZ area.
I have defined targets using Fibonacci sequence as below:
Buy between: 0.2691 to 0.2629
Sell between: 0.2740 to...
THIS LOOKS PRIME TO PUMP , MACD BULLISH ON DAILY , RSI BULLISH. BROKEN OUT OF A LONG ASS TRENDLINE AFTER MONTHS NEARLY 98% DOWN FROM THE HIGHS , RISK LOW UPSIDE POTENTIAL IS VERY HIGH. LONG IT FOR FINANCIAL FREEDOM AND THANK ME LATER.
Plotted is ALGO on CoinBase since it was introduced recently.
As with most new intros, is dropping fast along with the market.
Currently is rejecting off the 3.618, opening the path to 4.236.
4.236 is a very natural "EndPoint" for waves.
4.618 is also a natural endpoint, less often.
If there is no bounce from the 4.236, uh oh!
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See some of my other plots...
