Priceline of Algorand (ALGO) / Tether US has formed a bullish BAT pattern and entered in potential reversal zone.
I am expecting that next candle stick will be closed sideways within the potential reversal zone so we can wait for next next candle stick before buy.
I have used Fibonacci sequence to set the targets:
Buy between: 0.705 to 0.683
Sell between: 0.758...
Entry 0.62~0.58 usdt
Stop loss : 0.5 usdt
Target : 1.56usdt
R-R : at least 10
zombies stay in the area over 1.65usdt. going to take profit before dead people are coming out.
Good morning to everybody in Asia and good evening to the rest of the world.
My crypto of the day is ALGO/USDT, one that has been downtrending for a very looooooong time. Based on my TA. I believe this is going to change.
Long-term analysis (as long as it can get for ALGO :) ) indicates this is heading in the same direction as BTC did when it first turned up...
Explicitly aiming to break through the level of 0.885
Preload level.
Decreasing volumes.
But to go to the top you need to remove the feet and go higher (painted in white)
What are your thoughts?
ALGO has printed a adam and eve pattern at the bottom of a dip that started in mid July. ALGO reached its ultimate low at .50 and bounced hard up to about .85. The adam and eve formed just before the news that coinbase would add ALGO on August 14th.
There seems to be a lot of anticipation for ALGO. While most alts have taken a -5%/-10% hit today, ALGO has gained...
The 4 hr chart is recommending a long trade on ALGO based on the CCI. The targets for this trade idea are $.800 (+20%), $.900 (+34%) and $1.00 (+50%). Recommended stop-loss level is a breach and close under the previous swing low.
Wouldn't get my hopes up on this one, but ALGO/USDT is nearing the bottom of a wicked falling wedge. If BTC holds steady and ALGO breaks out, target could be 1.60.
