Go Get A Bag $ALGO #Algorand #Crypto
Daily
Looking at our trend timeframe we see ALGO continues in a minor downtrend since forming our head and shoulders pattern. Stochastic RSI showing momentum is in favor of the bears however it does look tobe slowing down. The last (2) daily candles do show some exhaustion with their wicks, possible we get a reversal at this level.
4Hour
Shifting over to our pattern timeframe we see the price is currently testing our dynamic and minor support, stochastic rsi showing momentum is in favor fo the bears with no signs of a reversal. A reversal at this level is crucial if we want to continue respecting our descending channel and retest of $0.3400, a 4hour close below $0.2625 indicates we will continue towards the downside. A 4hour bounce off $0.2670 indicates we will head towards the upside.
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