A little Saturday afternoon Hopium.
The last 2 cycles for Algorand saw 650% and 730% rises, followed by a 70% and 55% fall.
If we take both of these cycles and extrapolate – we're looking at a $6.40 price target near the end of June with a likely correction trough July down to $2.55 after.
Just gotta zoom out sometimes.
We have 2 lines of resistance that have been held mostly as an upper and lower line of support for the past month which will cross in 3 days. That combined with the 0.618 fib line at $1.47 that has finally flipped to support we should see solid movement up to $1.65 where it may get retested and then price should challenge $1.85 again as there aren't any remaining...
We're in a small downward channel right now, and we should bounce off the .382 fib line as well as that green line of support. It may re-test the top of the channel, but as it's getting squeezed, we should see a break out testing $1.47 with $1.35 as new low support
The upper green line of our end of Feb. support is stall holding strong limiting the tops of these last 2 big runs.
The .382 Fib line at around $1.23 was an upper resistance, but our last little dip just bounced off it.
Lets look at that green line and white arrows first. This was the lower level of support end of Feb and early March before it broke down to that other lower green line of support switching to use this line as the upper bound which has capped this run to date.
The other level of resistance is around $1.23 (and lines up with the .382 fib retracement level) which...
Well, looks like ALGO has de-coupled from the broader market, unfortunately going down while everything else goes up.
We just had a depressing Head and shoulders pattern which will likely continue with a fall to around $1.00. Unless the clouds part and we'll continue the slow climb up either getting back above the green line or staying above the blue.
This line of resistance (and support) has been around since early February, and can be seen as a point of tension a few days ago on March 3rd and 4th acting as resistance, then support, then resistance again before the market bombed and we tested our long trendline from December.
I'm expecting ALGO to bounce off this line tomorrow, re-test the long support line,...
ALGO checked in again with the long held support from December, looking to get a small escape and a bounce off the intersection of that support and the resistance (now support) of this downward channel it's been in since mid February.
As expected we broke out on the 1st. to the top of the symmetrical triangle we've been in. We got a 4th retest on that line of resistance established by the peak on Feb. 12th as well as another confirmation at that midline support that has proved very solid, which is also the 4hr 200 EMA which has been important for ALGO since December.
Looking for a slow push up...
WMWMW is all I see when looking at this symmetrical triangle, all centered around $1.03. (However, if you take those wicks into account it is an ascending triangle with the top at $1.19) I'm expecting a nice bounce off that center line and a rally up to $1.12 overnight and then bloody Sunday will do it's thing and we'll drop to $.98 for most of the day.
We have 2 patterns on top of each other going on right now. The extended bull flag that we've seen since the top of the big run, and a symmetrical triangle bounded on the bottom by the trend line established in January. Where it goes next is still dependent on what Bitcoin does.
Looks like ALGO caught a bounce off an old line of support from the last run through January/early Feb and popped back into our descending channel. If it is a bull flag, when it breaks in a couple days we're looking at a target around $1.90 or it fall back to $.80 and need to find support somewhere.
No big TA on this post, we have a minor line of support building on this mini run since yesterday. But the thing I wanted to look at today is how tied to BTC ALGO is. In the lower chart we can see that last big run for ALGO (in blue) pulled away significantly from BTC's growth rate, but then pulled back down to BTC in this big dip and seems to be back to that...