The last time the weekly RSI was at these levels there was a massive move upward (486%) in the following 4-5 weeks. If we see the same result as last time, algo could move as high as $5.90 (unrealistic in my opinion) or at least $2.50s. With goverance happening in October, I don't see a scenario where algo doesn't move up, and quick.
Without fail, Algorand has stuck to this pattern for over 7 months now. Roughly every 30 days is a local bottom. The most recent doesn't seem like a bottom because on the chart it is in the same range algo had been bound to for quite awhile.
My target for the next local top, meaning within the next 18-25 days, is in yellow.
Based on the last 5 months, measuring from the local bottom to the local top, I've drawn the purple box as a target area for the next three weeks. All 5 of the last month's lines are there in white, to see historically what has happened. The month of July had to smallest and slowest increase, which really addded a lot of body to the target box. The yellow circle...
This is the fourth touch to the top of this descending wedge. We'll probably have downward movement to the halfway mark of the wedge tip, and then explode up through the top. Monthly close is what I think will cause the dump tonight/tomorrow, but bullish sentiment has revived and people will be more willing to buy btc at a lower price now that they know that we're...
After plotting the local bottom pattern, which is 30days exactly between local bottoms, I extended that bottom pattern out for the next two months. I also used a sine wave to plot the local bottoms since the beginning of the february pump. My targets are based on the range made from each local bottom to its local top. I also placed what I believe, based on the...
I took a measured move from each local bottom to local top for the last 4 "pumps" we've seen since the big pump in February. I placed these four lines on our new local bottom to get an idea of what to expect from this next 30 day cycle.
If we are to expect algorand to make a move similar to the last four it has made, we should see a local top between $1.12 and...
Over the last 5 months algorand has been following this bottom pattern. The local lows are all 30 days apart from each other, except one which is 29 days.. Yesterday was the 30 day bottom, so we can conclude that, if the trend continues, 30 days from now is the next new bottom.
Additionally, from local bottom to local top, all 4 cycles have increased over 65%....
This is an ineresting pattern discovered by George Lindsay in the 1950's. If you look at the illustrated pattern, BTC is following it to a T. It is an interesting read, and I'm eager to see if it is a confirmed pattern here.
Not financial advice.
Trending inside this channel. You can see my purchase price, stop loss, and limit order. I'm trying something new with this trade, buying when the RSI hits 30 and the MACD shows the first rise in a downtrend.
My guess is that xlm will rise to these two converging resistances and get rejected. I see too much bearish sentiment toward xlm, and it looks like it's in an ascending wedge, which is a bear signal. I believe it could break down to the major major support line it's been building since the beginning of the year.
this is not financial advice.
A rising wedge?
I haven't taken a position into xlm yet. I see conflicting patterns. I do think with this alt run it will go up, but I think there has been a decline in interest in this coin since the last pump in Feb.
Well, we're out of that channel, but now we're just chilling above it. Good news, on the hourly we've turned that resistance into support. We don't have much volume going into alts at the moment, but things are heating up! A watched pot never boils.