ALGOUSD Ahead of the first major bullish break-out in 4 months.

Jul 17, 2023

Algorand (ALGOUSD) has hit today the 1D MA50 (blue trend-line) for the first time since April 17. That is also the top of the 4-month Channel Down pattern. If broken, it may turn out into the first such major bullish break-out move this year as not only is the price rebounding off a Double Bottom but the RSI is on a huge Higher Lows line (Bullish Divergence).

As a result, we will go long if the 1D candle closes above the top of the Channel Down and target 0.15000, which is not just near Resistance 1 but more importantly the Lower Highs trend-line since the February 21 High.

On the longer-term if a 1D candle closes above that Lower Highs trend-line as well as Resistance 1, we will buy again targeting 0.18000 (within Resistance 2 and the 0.382 Fibonacci).


-------------------------------------------------------------------------------

** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! **

-------------------------------------------------------------------------------

💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇