Hey guys, before reading fully, this idea is full of speculation as major trends in this chart aren't defined to well (In my opinion), this is just an idea up for critiquing and feedback, thanks.
Just threw this together based on Fibonacci retracement support and resistance lines, as well as channels and trend line formations. The Arrow trendlines are based off last ALGO/BTC bull run (a fractal pattern), which is speculation, and more often than not, market doesn't tend to follow. However I included it as a general trend idea of what could take place. The Elliot wave theory which i have plotted is also speculation and should not be considered whole heartedly, however I do see Algorand going up in evaluation, and this is my idea of how it will be achieved. Overall Bullish, and in both a huge descending wedge and descending channel (bullish). The USD evaluation is a much more defined chart, and in my opinion we are in for a small pull back, but overall will complete a 5th wave to the upside. Hence, my ideas for this chart were mostly bullish biased for the long term. Thank you.
Just threw this together based on Fibonacci retracement support and resistance lines, as well as channels and trend line formations. The Arrow trendlines are based off last ALGO/BTC bull run (a fractal pattern), which is speculation, and more often than not, market doesn't tend to follow. However I included it as a general trend idea of what could take place. The Elliot wave theory which i have plotted is also speculation and should not be considered whole heartedly, however I do see Algorand going up in evaluation, and this is my idea of how it will be achieved. Overall Bullish, and in both a huge descending wedge and descending channel (bullish). The USD evaluation is a much more defined chart, and in my opinion we are in for a small pull back, but overall will complete a 5th wave to the upside. Hence, my ideas for this chart were mostly bullish biased for the long term. Thank you.