ALGO/USDT - Possible Bullish W PatternHello traders and community, today we will tell ourselves shortly about the situation of ALGO/USDT
Trend analysis
- As you can see from the ALGO/USDT daily chart, the price of Algorand coin is started to moving higher cause of volumes and possible bullish double bottom pattern (blue line on the chart) and also from the month chart we can see cup and handle pattern, that's why we as traders can expect with 60 possibility bullish movement in the following days and try to put long positions (white line on the chart). I recommend to wait for trustworthy signals (confirmation) and only after it put trade positions for upper movements to 1.8543 price level. Today's resistance level (first red line) is on 1,4596 price level, support level (green line) is near 0,8384 price level and global trend (oranga line) still remains bullish enough. Wish you good luck with your trades and more information about trading this crypto token will be provided later!
Chart pattern
- Bullish Double Bottom Pattern (processing)
- Cup and handle (processing)
Technical indicators
- RSI: market is still in boarders and is located near 60 level (not overheated, Bullish signal)
- MACD: MAs are prepared for upward movement + they started moving closer to each other (Bullish signal)
- BB: Volatility of the market started increasing after volatile movement accomplished (Bullish signal)
- MA (10,20): MA10 is above the level of MA20 and going up (Bull signal)
= Overall bullish signal movement
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P.S.: Information provided is only educational and should not be used to take action in the market.
