The 4 hr chart is recommending a long trade on ALGO based on the CCI. The targets for this trade idea are $.800 (+20%), $.900 (+34%) and $1.00 (+50%). Recommended stop-loss level is a breach and close under the previous swing low.
Wouldn't get my hopes up on this one, but ALGO/USDT is nearing the bottom of a wicked falling wedge. If BTC holds steady and ALGO breaks out, target could be 1.60.
In my recent ideas I suggested, that Algo had a breakout from a Falling Wedge and that more upside movement would follow.
And there was a move to the upside, but not very strong and not with a lot of volume. So now it seems to me, that there was no real change in trend yet.
The bulls are still hesitating. So I adjusted the wedge... Let's see...
While price made lower lows, MACD / OBV Oscillator made higher lows = Bullish Divergence. Selling power was drying out and finally ALGO broke out of the Falling Wedge as expected.
So here is a really good indication of WHY TO NEVER BUY PUMPS...
As we can all clearly see, ALGO has been falling like there is no end nor bottom. From a $2.40 entry price this sure has hurt some wallet values
If we take a look at the last 4 candles we can see that algo has begun to find some support. Without more printing on the chart we have little info to...
Just like all other new IEO tokens or coins that's been traded on binance, you should expect at least 1x out of this trade at its current price.
Just follow the pattern as indicated in the chart below.
Good luck CT.
