Algorand / TetherUSShort
Major downside wick incoming before cup and handle completes
As per request, I have charted a bearish scenario on ALGO and this is what I have found.
We have what looks like a giant cup and handle formed on the weekly, but there is declining volume.
Unless we get a strong surge of volume upward soon we will most likely revisit some lows in the short-term.
Now there are several opportunities to pick some ALGO up at much lower prices.
The first is at the orange line at .82. This represents the previous weekly close at the top of the start of the giant cup.
I do believe it will go much lower, however that is a good spot to keep in mind.
On a side note, a .618 fibonacci retracement zone can be found at .76. Instruments trending bullish will often bounce in this area.
In the blue zone we can find the trappings of a stronger support region. Another area to keep an eye on.
In the event of a major crash and alts getting torn to shreds, however...
the pink and purple dotted lines is where the bulls will be laying in ambush.
Somewhere between .46-.50.
The pink dotted line is the monthly close of August and monthly open of September.
We won't see the price get much lower than that, as that will serve as a STRONG area of support for this asset.
If you enjoy my work, please like and subscribe! I am here to help.
We have what looks like a giant cup and handle formed on the weekly, but there is declining volume.
Unless we get a strong surge of volume upward soon we will most likely revisit some lows in the short-term.
Now there are several opportunities to pick some ALGO up at much lower prices.
The first is at the orange line at .82. This represents the previous weekly close at the top of the start of the giant cup.
I do believe it will go much lower, however that is a good spot to keep in mind.
On a side note, a .618 fibonacci retracement zone can be found at .76. Instruments trending bullish will often bounce in this area.
In the blue zone we can find the trappings of a stronger support region. Another area to keep an eye on.
In the event of a major crash and alts getting torn to shreds, however...
the pink and purple dotted lines is where the bulls will be laying in ambush.
Somewhere between .46-.50.
The pink dotted line is the monthly close of August and monthly open of September.
We won't see the price get much lower than that, as that will serve as a STRONG area of support for this asset.
If you enjoy my work, please like and subscribe! I am here to help.
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