Algorand (ALGO) Possible Breakout Idea.
Updated
Possible breakout for both downtrend and fib wedge resistance. These are pros and cons of this setup
PROS
There is a Bullish Divergence in Volume Price Trend indicator. (by:AdonisWerther)
The wick of the last low didn't go below last lows wick.
Strong support at 0,8861 levels.
Price is still trying to break fib trend resistance.
CONS
Buyers volume is still low.
With low volume price could struggle to break 2 resistance at the same time.
Bitcoin could go below 45.000 (it can be seen as ALGO rejetcing from resistance).
New Higher Low.
PROS
There is a Bullish Divergence in Volume Price Trend indicator. (by:AdonisWerther)
The wick of the last low didn't go below last lows wick.
Strong support at 0,8861 levels.
Price is still trying to break fib trend resistance.
CONS
Buyers volume is still low.
With low volume price could struggle to break 2 resistance at the same time.
Bitcoin could go below 45.000 (it can be seen as ALGO rejetcing from resistance).
New Higher Low.
Note
Breakout has been completed.
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