ALGOUSDT Local S/R| Daily S/R| Price Action| 200 MA Support
Evening Traders,
Today’s analysis – ALGOUSDT- impulse break above Local S/R, holding these levels are deemed bullish.
Points to consider,
- Price action impulse
- Local S/R Support(200 MA Confluence)
- Daily S/R Resistance
- Volume Influx
ALGOUSDT’s immediate Price Action is impulsive, allowing us to have a bullish bias in the immediate short term,
The Local S/R is current support in confluence with the .50 Fibonacci and 200 MA supports; price action testing these areas is likely to be respected.
The Daily S/R is immediate resistance, taking this level out will increase the probability of trend continuation,
The volume profile is indicative of a climatic node, this suggests a true breakout thus follow through is needed to sustain momentum.
Overall, in my opinion, ALGOUSDT is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps!
Thank you for following my work
And remember,
“Once you find the system that works for your style/personality and confidence is gained, wash, rinse, repeat over and over again.” – Sunrisetrader
Today’s analysis – ALGOUSDT- impulse break above Local S/R, holding these levels are deemed bullish.
Points to consider,
- Price action impulse
- Local S/R Support(200 MA Confluence)
- Daily S/R Resistance
- Volume Influx
ALGOUSDT’s immediate Price Action is impulsive, allowing us to have a bullish bias in the immediate short term,
The Local S/R is current support in confluence with the .50 Fibonacci and 200 MA supports; price action testing these areas is likely to be respected.
The Daily S/R is immediate resistance, taking this level out will increase the probability of trend continuation,
The volume profile is indicative of a climatic node, this suggests a true breakout thus follow through is needed to sustain momentum.
Overall, in my opinion, ALGOUSDT is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps!
Thank you for following my work
And remember,
“Once you find the system that works for your style/personality and confidence is gained, wash, rinse, repeat over and over again.” – Sunrisetrader