ALGOUSD.P trade ideas
Long ALGO, crypto bull still onThere's been a big move in SOL the last few months and everyone has been talking about it. Reading about SOL I kept seeing mentions of ALGO, and ALGO looks like it hasn't really blown up yet. So while SOL might have already had its big move, I'm taking a position in ALGO thinking it might get some love soon.
There's a few bullish things... there's a triangle pattern breaking higher on ALGO. The black line is the 500 HULL, and ALGO is above that. But mostly I'm just going long here hoping some of the SOL money flows into this, or at least it gets a ride up as crypto continues its bull market. Decent alts have a good chance of outperforming BTC and ETH and that's all I'm looking for here.
Crypto in general made it through summer without too much drama which is good as summer is usually not a great period. Q4 is usually better and Q1 is usually much better. I'm expecting BIG moves from ETH by Q1 next year and hopefully it drags up all the atscoins.
Not investment advice.
ALGO (Algorand) getting closer to a bullish breakout?Crypto market is once again on the rise.
ALGO stands out the most to me given the following indicators:
MACD cross up
MACD +
MACD histogram transition to the positive side
Volume Contraction Pattern
50 Day MA as support
Together with the improving sentiment in the space, I'm liking the prospects of ALGO
Good luck!
Algo in a congesting rangeAfter the high above 2.5 from 13 September, AlgoUsd has started to correct lower and now is trading in a congesting range resembling a symmetrical triangle.
Levels to watch are 1.9 zone, with a break here exposing 2.5 high and 1.68 for a bearish move with a target at 1.25 support
Bullish Cypher Pattern (ALGOUSD)I am practicing identifying cypher patterns and noticed the beginning of a bullish pattern on the daily chart. It will be exciting to see if it plays out.
Additional validation will occur at "C" between 1.272 and below 1.414 and buy in level at "D" completion point above .786.
Bullish Stance on ALGO (Algorand)Despite all the China FUD, ALGO or Algorand has held up pretty strong.
Bullish Indicators in favor of ALGO:
Volume Contraction Pattern
MACD Positive (despite the recent crypto sell off)
50 DAY EMA as support
Relative Strength vs the entire crypto market
Stochs at Oversold levels
Strategy:
Buy below $2.00
Cut price $1.40
There might be more upcoming consolidation but ALGO looks really good for the long side
This is my favorite cryptocurrency as of the moment as the market looks to bounce from its recent slump.
Good luck!
Accumulation ZoneWhile we stay below $1.76 I will continue to accumulate. This is an opportunity clear as day, once we break that resistance level towards next fib level we will see a run up to complete the bull market. I believe that this macro cycle for crypto is not over and we will see an explosive next three months to the up side before the start of a long term crypto bear market.
ALGO to $1.59 before breaking out?Give then tokennomics of ALGO and how BTC is doing current, we can expect the sell pressures to remain on ALGO
We will continue down the channel to about $1.59 ... in 24 hrs we should know if we are breaking up or down ... but the trade should hold until ~1.59
In case king BTC bounces back, I have 2 TP,
TP1: 50% - $1.64
TP2: 50% - $1.59
Being Sunday, I will keep a close eye on the overall #crypto market as I might sell TP2 a little before or after.
