ALGORAND Cryptocurrency (ALGOUSDT) BULLISH OR BEARISH?
ALGORAND Cryptocurrency (ALGOUSDT) for swing - Bullish or Bears?
Hi guys, yet again with a new hyped, crypto altcoin; ALGORAND (ALGOUSDT) with a simple price action and chart pattern analysis.
The negative news has halted the crypto market which has resulted in panic. The sentiment analysis is filled with Fear (33% at the time of posting this video which has been better from last few days). The Algorand has already been in news due to it's DeFi and interoperability. It is at make or break situation and now in a state of consolidation and therefore will come back to retest its previous levels if it makes a move. This will result in an opportunity for either good buy or good sell for positional or swing traders.
The analysis is for 2 hour time frame which has so many movements in itself listed below :-
1. Constantly facing resistance from trend line and therefore it has become weak since the same trend line has been tested for 5 times now! It will definitely come to retest it again and can result in a good move upside. It can gain good momentum (10-12%) in the next few days.
2. A constant support level (strong buying) as shown. Sellers have faced immediate resistance trying to push support levels but failed miserable which means it becomes undervalued at those levels and price moves up very fast. It has tested the support 4 times so it is also becoming weak.
3. It has made double bottom also(W pattern - bullish sign) and gave a break out after retest. But eventually resulted in breakdown, therefore the bullish momentum is pending and can continue in next trading sessions.
4. Volume Profile Fixed Ranged (VPFR) indicates the traded volume amount over a specified period. It works best in higher time frames. It is quite visible when the most volume got traded (yesterday), it resulted in a meltdown. Now this indicates a strong sellers zone and the buyers will have to match seller's frequency if the coin goes uptrend. Therefore, it is the target expected from this point.
BOTH TARGET ARE LISTED BUT I AM MORE INCLINED TOWARDS BULLISH NATURE :-
1. BUY - If it breaks 50-EMA (green line) with good momentum (around 1.8600), Target will be 2.000 with stop loss of 1.7300
2. SELL - If it takes resistance from 50-EMA or 200-EMA, target can be 1.5850 with stop loss above the 50 or 200 EMA (which ever is far!)
Hi guys, yet again with a new hyped, crypto altcoin; ALGORAND (ALGOUSDT) with a simple price action and chart pattern analysis.
The negative news has halted the crypto market which has resulted in panic. The sentiment analysis is filled with Fear (33% at the time of posting this video which has been better from last few days). The Algorand has already been in news due to it's DeFi and interoperability. It is at make or break situation and now in a state of consolidation and therefore will come back to retest its previous levels if it makes a move. This will result in an opportunity for either good buy or good sell for positional or swing traders.
The analysis is for 2 hour time frame which has so many movements in itself listed below :-
1. Constantly facing resistance from trend line and therefore it has become weak since the same trend line has been tested for 5 times now! It will definitely come to retest it again and can result in a good move upside. It can gain good momentum (10-12%) in the next few days.
2. A constant support level (strong buying) as shown. Sellers have faced immediate resistance trying to push support levels but failed miserable which means it becomes undervalued at those levels and price moves up very fast. It has tested the support 4 times so it is also becoming weak.
3. It has made double bottom also(W pattern - bullish sign) and gave a break out after retest. But eventually resulted in breakdown, therefore the bullish momentum is pending and can continue in next trading sessions.
4. Volume Profile Fixed Ranged (VPFR) indicates the traded volume amount over a specified period. It works best in higher time frames. It is quite visible when the most volume got traded (yesterday), it resulted in a meltdown. Now this indicates a strong sellers zone and the buyers will have to match seller's frequency if the coin goes uptrend. Therefore, it is the target expected from this point.
BOTH TARGET ARE LISTED BUT I AM MORE INCLINED TOWARDS BULLISH NATURE :-
1. BUY - If it breaks 50-EMA (green line) with good momentum (around 1.8600), Target will be 2.000 with stop loss of 1.7300
2. SELL - If it takes resistance from 50-EMA or 200-EMA, target can be 1.5850 with stop loss above the 50 or 200 EMA (which ever is far!)
Trade closed: target reached:
Downside entry activated twice and reached target twice :D