ALGUSD trade ideas
ALGO's ascending triangle is ready for a breakout!Algorand (ALGO) has formed an ascending triangle pattern on the 4-hour chart. ALGO has been following a higher rising trendline but found repeated resistance around the $0.924 level. We’re currently at a point where the price can soon break on either side as the price congestion is becoming tighter and tighter.
Ascending Triangle Price Target
In technical analysis, the ascending triangle is a bullish chart pattern, but since the long term trend is bearish, we can’t rule out the possibility of a downside breakout either. Generally, the profit target for the ascending triangle is the measured triangle depth which is added to the flat resistance line projected to the upside.
In our case, the price target is the $1.180 level. But first, we need the breakout to the upside to hold above the resistance level of $0.924.
Money Flow Index
The Money Flow Index (MFI) signals a positive buying pressure as the MFI readings have been constantly above the mid-level 50 while we were developing this ascending triangle. The MFI can also be used to gauge any downside breakout. If we break below the upward sloping trendline, but the MFI remains above the 50 level, it might be a false breakout signal. In this case, we would need to readjust the trendline to fit in the new price developments.
Looking Ahead: The next big hurdle that the bulls need to overcome besides the triangle flat resistance level is the vital psychological number $1.0.
ALGORAND - superbullishThis coin has an outstanding potential, based on chart analysis.
Overlap by the current pullback is hinting that we may get an extension in the third wave up.
Algorand on its way too .95+ for next weekWe're currently in a Uptrend, approaching the lower resistance of this trend & the Fib resistance which is a great opportunity for a Touch & Go. Also if you take a look at the RSI we touched the Oversold indicator which usually leads to a nice bull run, this would send us towards the upper trend resistance.
If we end up breaking the lower resistance we may consolidate in the mid to low .80's as we move through the weekend.
*Not Financial Advice
Another rejectionThis is the fourth touch to the top of this descending wedge. We'll probably have downward movement to the halfway mark of the wedge tip, and then explode up through the top. Monthly close is what I think will cause the dump tonight/tomorrow, but bullish sentiment has revived and people will be more willing to buy btc at a lower price now that they know that we're in a local uptrend. That's good news for algorand.
ALGO make stay above $1 by next week As you see where riding in a nice bullish wedge pattern in a Elliott's Wave, if we are then we may see a pullback towards the lower resistance followed by a bullish push out of the wedge to $1. Or we very easily break the lower resistance retest & fall to the lower resistance which we would consolidate for our new floor.
I'm feeling the market shift Blush this week.
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Algo daily Divergent UpAlgo reversal bull on daily. We will see buy coming in. Watch this for the next few days if the coin holds its position around .86-.95 it will go to the upside.
Follow for more.
ALGOUSD about to complete wave 4So far EW count on Algorand looks reasonable. Wave 5 could be extended, since wave 3 was not. Let's see how this plays out.
Please remember, that alternative cryptocurrencies (altcoins) are depending heavily on Bitcoin.
Buying ALGO EverdayAveraging into ALGO everday. Algo ofers 4% APY via Coinbase.
You can watch the newest video on my youtube channel which goes over this in detail.
Algorand, the trilemma-solverAfter plotting the local bottom pattern, which is 30days exactly between local bottoms, I extended that bottom pattern out for the next two months. I also used a sine wave to plot the local bottoms since the beginning of the february pump. My targets are based on the range made from each local bottom to its local top. I also placed what I believe, based on the pattern, will be the next two 30 day bottoms (yellow circles)
Algorand is primed, yet again!Currently a falling wedge on the daily, with 3 touches on both the bottom and the top.
As with my last chart, I believe a target for this local top to be between $1.12 and $1.46.
NFA.
ALGO show strength for alts on a bull-run waveWe can see Algo show us how in all it is history only moving up
It shows you how alts will keep moving up, as all alts move together
Algorand targetsI took a measured move from each local bottom to local top for the last 4 "pumps" we've seen since the big pump in February. I placed these four lines on our new local bottom to get an idea of what to expect from this next 30 day cycle.
If we are to expect algorand to make a move similar to the last four it has made, we should see a local top between $1.12 and $1.46, and I would say that sub $1.20 is more likely than above it.
NFA.
ALGO - Detailed Video Analysis!Hello everyone, if you like the idea, do not forget to support with a like and follow.
Here is the top-down analysis for ALGO, feel free to request any pair/instrument or ask any questions in the comment section below.
Best of luck!
Algo is very consistentOver the last 5 months algorand has been following this bottom pattern. The local lows are all 30 days apart from each other, except one which is 29 days.. Yesterday was the 30 day bottom, so we can conclude that, if the trend continues, 30 days from now is the next new bottom.
Additionally, from local bottom to local top, all 4 cycles have increased over 65%. I'm going to put my money on algo repeating the cycle yet again. Even if it is a lower high, it is possible to reach 1.26 in the next 3 weeks.
DYOR, NFA.
#Algo big moment ahead If Algorand falls too .722 it'll be bearish reversal time. So let's try & stay above that mark if we are able too then we may stay Bullish moving into tomorrow.
*Not Financial Advice
AlgorandAlgorand price prediction for buying oppurtunities. will be looking for a bullish impulse to previous high created at the least, longterm hold.
Incredible buy opportunity Hugely undervalued and a ways to makeup. Momentum in its direction cushioned by btc
ALGOUSD You like ALGO? Grab it at about 40 cents! Triple Confluence with fibs right now at S/R close to 40 cents.
In a huge bear flag after big distribution pattern.
Embrace the bears and cheap Algorand!
If #Algo drops below $1 it may be a very strong Buying Opp.As you see here I expect us to dip back to $1, now once we hit that point we need to look for 2 things
First we need to see if we'll do a Touch & Go at $1 or if we will break that resistance leading to the .90 range. If Bitcoin picks back up leading into the week we may break the $1.10 resistance and be on our way towards $1.50 by next weekend.
*Not Financial Advice
