As illustrated ALGO needs to break out of the strong resistance formed on top of the triangle, whose formation indicates sellers loosing steam for the moment.
This resistance is both a local resistance in the triangle formation and the bottom of the trendline established last month and possible retracement point (the red line).
So long as the price remains above...
ALGO has completed the fourth wave of an impulsive move to the upside.
Further upward movement is expected in wave five towards previous structure.
This is a low risk buy setup since any price closing below the top of the first wave would invalidate the pattern, giving a very certain stop loss for this trade.
I have marked this using the red line on the graph....
ALGO has made a breakout in price to the upside and is establishing a new ascending support trendline.
Next, I expect a retest to confirm the new support and a rally up to +30%
A buy setup forms if volume and buying pressure picks up at the 50MA.
Let's see what happens!
Many are expecting another crypto flash crash soon and there has been a lot of selling pressure.
However, I believe a strong support has been established as buyers continue to accumulate at the $0.80-$0.85 range.
Both the range and standard deviation have narrowed which typically precedes a breakout.
This tug-of-war between buyers and sellers has created a...
Price is nearing a strong support and bearish sentiment has slowed down for now.
Next, I expect a rally up to the last major area of structure.
-A candle needs to close above the purple line .
-There needs to be some solid buying pressure on the cross and retest
Let's see how things play out!
An inverse Head & Shoulders nearing completion, signaling a likely reversal into a bull run.
Wait for a candle to close above the neckline to confirm.
$1.00 is a significant psychological position for ALGO and I believe it is important to stay above the One Dollar Hill to see some big gains soon.
If the support fails then I imagine ALGO will drop back down to...
ALGO is testing a new bottom as the downtrend looses steam, this is the perfect time to watch for trend reversals.
The bottom rectangle is the area in which a candle must close to confirm a double bottom pattern. After that, the local resistance needs to be broken to confirm a reversal pattern.
If so, a buy setup forms on the buy zone retest.
Target: $1.35 - $1. 40
ALGO is trending in an ascending triangle, retesting a support of $1.30.
If the trend continues, look for a breakout above $1.40 and a 1D close to confirm a bullish reversal.
Keep an eye on volume as well.
If the support fails we are looking at a dip back to $1.20
The local trendline was broken this week and failed to recover.
This is similar to what happened less than a month ago before the price dropped to below $1.00.
A 4-Hour Close below the 30-day MA would confirm the reversal, otherwise massive volume would be needed to continue the current trend.
Target 1: $1.19
Target 2: $0.96
ALGO blew right through the support on the retest.
After a brief drop down to $1.31, the price has stabilized and returned to around its 1-month average price.
Now, we either see a breakout above the previous support and look for a buy setup on the retest or we bounce back down to a lower support level .
Given the average price over the past 30 days is...
There needs to be a solid closed candle above the resistance zone and then a retest to confirm a potential spike to the higher levels around $2.00 - $2.50
The trend is overall bullish and the 1-Day MACD helps to confirm this idea.
There is a lot of momentum building in the crypto space and this could be the beginning of the next big leg up. ALGO just needs to...
A relatively clean cup and handle has formed as ALGO tries to push through its previous ATH resistance zone.
Additionally, it appears that ALGO is trending in an ascending triangle converging to a potential breakout to the upside.
With BTC pushing up above 59k recently, this could help push ALGO over the top, resulting in a price jump similar to what happened...
Seems like ALGO is following the trendline established from the beginning of the last big pump to it's current price, which helps establish the lower portion of the triangle.
Then, an important resistance zone developed over the past week or so which acts as a breakout trigger into a possible bull run and forms the top portion of the triangle.
After a nice...