All Good In The Woods $ALGO #Algorand #Crypto
Daily
Looking at our highest timeframe we see ALGO has formed a head and shoulder (H&S) pattern and is currently testing our dynamic support at $0.30. Stochastic RSI showing momentum is in favor of the bears with no signs of slowing down. A bounce off this level invalidates this (H&S) however we would still need to close above $0.3200 to continue towards the upside.
4Hour
Shifting over to our pattern timeframe we see the price is currently in a descending channel, and looking to break out. Stochastic RSI showing momentum is in favor of the bears with no signs of slowing down. ALGO would need a bounce off this level to continue its uptrend behavior. A break below our channel and expect the price to continue towards our $0.2950 support, with enough momentum expect ALGO to continue towards $0.2550. With that being said we can still see a bounce from this level and a retest of our $0.3400 channel resistance. I will be looking for some exhaustion on the smaller timeframes for a sniper entry. Until then a 4hour close above $0.3099 triggers our long position, rejection from this level and expect the price to continue falling.
Lastly shown above is our accumulation chart, and we can see ALGO is approaching our buy zone. We should see a bounce from this level, if not at least some exhaustion.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.