Hello,
Today I will take a look at the ALGO / USDT pair on Binance in 4h timeframe. Algorand (ALGO) is today trading at $0.21, and we can see that it is in a downtrend (bearish momentum). According to historic price levels, the expected demand zone is at approximately $0.20. The supply zone is sitting around the price of $0.25. I can see that we are inside a descending trading channel and that we are moving in the direction of a historically very strong demand zone around $0.20. If we hit the price of $0.20, then this is an excellent, almost perfect position for opening a BUY/LONG position (still be careful because of the market conditions, we are still in a bear market). If you will enter trade at the price of $0.20, then you can expect the next targets to be for the short term at $0.25 and later at $0.30. In the case of the Cup and Handle trading pattern, I recommend entering at $0.25 after confirmation, otherwise not. I am expecting a bullish movement for ALGO at the price of $0.20, but just for the short term. Don't forget that we are still in a bear market and there are no signs of a major reversal of the trend. Trend is your friend :) If we break the expected demand zone, we can expect the price to continue falling, and the lowest level for ALGO is around $0.14 from March 2020, but I don't believe this scenario will occur.
Have a fantastic day and make the most of it.
Greetings,
BF
Today I will take a look at the ALGO / USDT pair on Binance in 4h timeframe. Algorand (ALGO) is today trading at $0.21, and we can see that it is in a downtrend (bearish momentum). According to historic price levels, the expected demand zone is at approximately $0.20. The supply zone is sitting around the price of $0.25. I can see that we are inside a descending trading channel and that we are moving in the direction of a historically very strong demand zone around $0.20. If we hit the price of $0.20, then this is an excellent, almost perfect position for opening a BUY/LONG position (still be careful because of the market conditions, we are still in a bear market). If you will enter trade at the price of $0.20, then you can expect the next targets to be for the short term at $0.25 and later at $0.30. In the case of the Cup and Handle trading pattern, I recommend entering at $0.25 after confirmation, otherwise not. I am expecting a bullish movement for ALGO at the price of $0.20, but just for the short term. Don't forget that we are still in a bear market and there are no signs of a major reversal of the trend. Trend is your friend :) If we break the expected demand zone, we can expect the price to continue falling, and the lowest level for ALGO is around $0.14 from March 2020, but I don't believe this scenario will occur.
Have a fantastic day and make the most of it.
Greetings,
BF
Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.
Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.