Chibuike_Odoh

ALGOUSD (ALGORAND) - POTENTIAL BUY ENTRY

Long
BINANCE:ALGOUSD   Algorand / US Dollar (calculated by TradingView)
ANALYSIS πŸ”Ž
- ALGOUSDT brokeout above descending trendline resistance.
- Price action is printing an ascending triangle pattern.
- This is a bullish build up pattern.
- There's a breakout potential.

BUY ENTRY ⬆️
- Breakout above the ascending triangle's horizontal resistance.

TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).

SETUP INVALIDATION ❌
- Breakdown below the ascending triangle's inclined support.

Comments

altcoins make the same candle as bitcoin I think all analysis is bullshit when btc rise all rise when btc fall all fall so what is the meaning of analysis!thanx for your analysis just my opinion πŸ’“
+1 Reply
@Omeda12 πŸ˜‚
Reply
barrymorski Chibuike_Odoh
Altcoins generally do better when Bitcoin is flat aka moving sideways for a while. Yes, most of the altcoin market does correlate with Bitcoin, but it isn't always the case.
I've seen a lot of buying volume on the lows, and bears seem to be struggling to pull the price any further down. I think that we will break the ascending triangle in a bullish movement up and test the next level of support, but we will have to see how it plays out. Thank you for the technical analysis!!
+1 Reply
Chibuike_Odoh barrymorski
@barrymorski, yeah that's true
Reply
abiraj05 Omeda12
@Omeda12 See Uniswap right now
+1 Reply
@abiraj05 yeah
Reply
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