Target on AlgoUSDCheck these weekly charts on ALL of your cryptos. And just know that 100 sma is a tractor beam..
ALGOUSD.P trade ideas
An update t my Algorand Chart We can see as is common with most cryptos, the Algo went back below the purple trendline after its 1st initial breach above the purple channel. Now that we have broken above again and retested that line as support probability increases significantly for it to validate the breakout this time around. So I have posted an updated chart with the measured move line adjusted accOrdinary to reflect the new expected price target should it validate here. We must remember that often times price will send a few candles above a neckline and then dip back down below anywhere from 1-4 times before the real breakout so there is still a mild probability it could once again correct back below the trendline before it actually validates the breakout. Being that it already has once before though, and that there’s lots of room left to climb on the stochrsi indicator there is relatively good probability that the breakout validation can be confirmed on the current breach above the channel. *not financial advice*
ALGO hitting an IMPULSE WAVE?Could the Altcoin season just be getting interesintg with ALGORAND running into an impulse wave?
Let's talk about Elliot Waves.
Certainly! **Elliott Wave Theory** is a fascinating approach to technical analysis that identifies recurrent long-term price patterns based on changes in investor sentiment and psychology. Let's delve into the key concepts:
1. **What is Elliott Wave Theory?**
- Named after **Ralph Nelson Elliott**, this theory aims to predict market movements by observing repetitive wave patterns.
- Elliott discovered that stock market movements follow specific wave patterns, which he outlined in his book titled *The Wave Principle* in 1938.
- The theory combines elements from the **Dow Theory** with the fractal nature of market action.
2. **Basic Principles:**
- **Motive Waves (Impulses)**: These waves move in the direction of the trend and consist of five sub-waves labeled 1, 2, 3, 4, and 5.
- **Impulse Wave**: A straightforward five-wave move.
- **Impulse with Extension**: Similar to an impulse but with an extended fifth wave.
- **Leading Diagonal**: A diagonal pattern within an impulse.
- **Corrective Waves**: These waves oppose the larger trend and consist of three sub-waves labeled A, B, and C.
- **Zigzag**: A common corrective pattern.
- **Flat**: A sideways correction.
- **Regular Flats**: Standard flat correction.
- **Expanded Flats**: A more complex flat correction.
- **Running Flats**: A variation of flat correction.
- **Triangles**: A consolidation pattern.
- **Double Three**: Two corrective patterns combined.
- **Triple Three**: Three corrective patterns combined.
3. **Wave Degree and Fractals**:
- Elliott Waves exhibit a fractal nature, meaning smaller patterns fit into larger ones.
- The Fibonacci relationships between waves enhance anticipation and prediction.
- Think of it like broccoli: Smaller pieces resemble the larger piece.
4. **Application**:
- Traders use Elliott Wave Theory to identify potential trading opportunities with favorable reward-to-risk ratios.
- By understanding these wave patterns, traders can anticipate market moves.
Source: Conversation with Bing, 3/1/2024
(1) Impulsive 5 wave structure - Ground Rules | Learn Elliott Wave | Elliott Wave Theory. www.youtube.com
(2) ELLIOTT WAVE THEORY (Part 3): Impulses and Diagonals . www.youtube.com
(3) Elliott Wave Theory for Beginners | ULTIMATE In-Depth Guide!. www.youtube.com
(4) Elliott Wave Theory: Rules, Guidelines and Basic Structures. elliottwave-forecast.com
(5) Introduction to Elliott Wave Theory - Investopedia. www.investopedia.com
(6) Elliott Wave Theory - Overview, Types, Market Applications. corporatefinanceinstitute.com
(7) Elliott Wave Theory: What It Is and How to Use It - Investopedia. www.investopedia.com
$ALGO Potential Break outAlgorand has been lagging behind most alt coins in this early stage of the bull run.
last few days we've seen a noticeable increase in volume and a breakout of a short term downward trend.
I expect a sharp move upward once we strike the orange horizontal line, which has been previously a resistance line.
ALGO - STILL BULLISH: NOW forming Elliot Wave 2-3📉Hi Traders, Investors and Speculators of Charts📈
If you've been following, you'll know I'm fundamentally bullish on Algorand. And it gets better than fundamentals - we are currently witnessing a similar fractal that played out on ALGO during early days - the Elliot Wave Fractal.
From the macro perspective, we can see that Algorand has a long way to go before reclaiming previous highs, unlike many other altcoins. It's hard to find an altcoin with good fundamentals tat still has 2000% upside potential, away from previous all time high.
If you found this content helpful, please remember to hit like and subscribe and never miss a moment in the markets.
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BINANCE:ALGOUSDT
ALGO/USD possible BULL run comingI recently posted my idea about nested LINK patterns and am seeing something similar in ALGO.
The ALGO 1D chart is showing a cup & handle pattern. I put the target between .42-.64 depending on whether you start the up move from the top of the cup or bottom of the handle (not sure about that).
....but if you zoom out, it looks like this cup is the head of a potential inverse head & shoulders and the handle might be the 2nd shoulder.
This pattern has played out with ALGO before. There was a big inverse head & shoulders bottom (light green) in 2020 and a big head & shoulders top in late 2021 (magenta). These patterns look a little cleaner in the 1W or 1M charts.
Happy trading :)
"NOT FINANCIAL ADVICE"
3 MACD strategy creation...I am looking to create a strategy but I need help please. I've been using 3 MACDs.
- MACD 1 = 1 Day
- MACD 2 = 4 Hour
- MACD 3 = 1 Hour
The strategy is that I am using the 1 Day and the 4 Hour as trend indicators. Both of them have to be rising, then the long is taken when the 1 Hour MACD crosses above Zero at candle close. If the 'trend' MACDs are rising and the 1 Hour rises crossing above zero, I take the Long.
So far I'm doing this manually. I've been watching videos and reading pine script examples but I just don't get it. I've tried AI to help write it. No luck. Is this simple enough that someone could create this / write this for me/us?
Thanks!!!
- Scott
algo appears to be possibly breaking up from purple channelWe can see here how algo’s current daily candle is confidentially above the purple channel’s top trendline and currently seeing a bullish impulse. If it validates the breakout at this spot the target is around 39 cents. *not financial advice*
Oppression, Suppression, Innovation, wealth...Another example of the psychological market manipulation.
3 examples Bitcoin, Ethereum and Algo.
Bitcoin and Ethereum vs Algo.
Compare yourself and look at support and resistance levels of all 3.
Determine for yourself what is the best investment.
Algo = massive growth cycles moving forward into the future. Like buying bitcoin or Ethereum 5 to 10 years ago. Potential is HIGH fees are the lowest and speed is amazing. Resources to manage the Algo token is the lowest in the crypto industry. The next competitor is being suppressed and the explosion money flow wave is coming.
Bitcoin = stability, structure and money flows in cycles. Bitcoin had massive growth and as time goes on the growth will be less and more stability but price could still go up overtime. Negative effect is dominance. Bitcoin dominance needs to drop below 20%
Ethereum = Profitability and exchangeability throughout the crypto market scaling to be competitors. Negative effect is gas fees.
Holding Bitcoin and Ethereum is smart.
Holding ALGO is smarter.
ALGO Price Analysis: A Rocky Road Ahead?Bullish Failure: ALGO's inability to sustain its reversal rally above $0.24 leads to a sharp decline.
Critical Support Breached: The price falls below the key level of $0.20, indicating increased bearish pressure.
50D EMA Struggle: ALGO is currently experiencing high volatility around the 50-day Exponential Moving Average (EMA).
Potential Bearish Pattern: The breakdown of the rounding bottom pattern hints at a possible further decline.
Recent Drop: ALGO has seen a significant 21% fall within just two weeks.
Market Influence: The broader market slowdown, particularly post-Bitcoin crash, impacts ALGO's trajectory.
Short-Term Bearish Outlook: The immediate view on Algorand is bearish, contrasting with longer-term bullish predictions.
Trading Volume Spike: A noticeable increase in trading volume correlates with the selling spree.
Evening Star Pattern: A bearish engulfing candle forms, contributing to an evening star pattern, but with limited resistance.
RSI Indicator: A sharp drop in the Relative Strength Index (RSI) below the mid-line signifies a strong bearish momentum.
Recovery Chances: If buyers can consolidate and regain strength, there's a possibility to reclaim the $0.20 level.
Downside Risk: Failure to recover could lead ALGO towards testing the 200-day EMA.
RUNE Price Analysis: Is $7 on the Horizon?Current State: RUNE price faces a downturn, currently trading at $4.53, teetering around a key support level.
Recent Drop: Experienced a significant 10.54% fall last night, signaling potential market volatility.
Key Support: Finds itself at the critical $4.50 mark, a pivotal point for the upcoming price trend.
Technical Formation: A potential double bottom pattern is forming, indicating a possible bullish reversal.
Below 50D EMA: RUNE is currently trading lower than the 50-day Exponential Moving Average.
Fibonacci Levels: The price aligns with the 50% Fibonacci retracement level, adding to the crucial support.
Bearish Engulfing Pattern: The formation of a bearish engulfing candle at the 50D EMA hints at heightened selling pressure.
Market Sentiment: Despite the broader market downtrend, RUNE's technicals suggest a reversal might be imminent.
Intraday Candle: A Doji stick in the daily chart is teasing a potential morning star pattern, a bullish sign.
RSI Indicator: Shows bullish divergence, further supporting the reversal theory.
Volume Spike: A noticeable spike in trading volume could fuel the potential upside.
Upside Potential: If the bullish reversal materializes, RUNE could target the $7 level.
Classic Break For ALGOIs ALGO finally looking to break to the upside for the first time in 2024? its looking promising! A critical level for ALGO is around $.30 and I think we might be making a slow journey in that direction.
Trading the breakout pull back continuation pattern to confirm direction and volume.
ALGO - Next Wave Up ⏫It would appear that the next wave up is underway.
To remind, ALGO printed a shooting star and that would very often signal a top / significant correction.
But crypto is really warming up now and ALGO appears to be into the next wave up already.
It wasn't entirely clear because we have multiple tiered 3 wave corrections.
And ALGO has not even hit the 0.382 retracement which could be somewhat expected after a shooting star candle on the 3 day chart.
But notice the bounce rolls into a contractive re-accumulation pattern (green box) and now we have seen a small breakout from it.
Its not impossible of course to see further corrective price action perhaps if BTC slumped.
But right here it would appear the next wave up is underway 🧐.
ALGO is looking solid and things are getting very interesting.
Not advice
Accumulation of more before we hit .30I'm adding more to my position on Algo. This thing is strong and will continue to awaken.
Check levels for accumulation ranges. 16% I have limit buy orders at every 5% to grab more momentum once we take off. Low-Medium Risk Trade Check All Levels, Plan in advance based on risk tolerance. Always us risk management, DYOR and NFA.
ALGO next stepsThe focus of the money being back on crypto, we can see the patterns showing. While many complain of ALGOs slow move, the announcement to allow PYTHON language programming in February 2024 will only push ALGO adoption up. Remember, ALGO has never had down time, never has failed since it's inception in 2017.
All the best of family, health and wealth for you!
ALGO/USD ALGO is up 135% from the previous call on it around 0.1$ first weekly TP is hit and failing to close above it will be taking profit point BTC also not looking good right now so be a good risk manager and 50% minimum take profit Altcoins are not like BTC they are for buy and sell.
we will consider buying it back if it breaks and holds this LVL.
ALGO Price Prepares Bull Run Beyond $0.30Stellar Reversal Rally: ALGO showcases an impressive 26% jump, indicating a bullish breakout from a rounding bottom pattern.
Two Consecutive Bullish Candles: The significant rise is marked by strong bullish activity.
Testing Key Psychological Levels: ALGO approaches the $0.25 mark, setting sights on $0.30.
Remarkable Year-to-Date Growth: ALGO's 45% growth this year suggests a strong market presence.
Potential for a New 52-Week High: The current momentum could lead to record highs in 2023.
Strong Market Cap Milestone: ALGO's market cap surpasses $2 billion amid a 142% three-month rally.
Neckline Breakout: The crossing of the $0.22-$0.23 neckline underlines the bullish breakout.
High Trading Volume: A surge in trading volume bolsters the current uptrend.
Technical Indicators: Bollinger Bands and MACD both point to a continuation of the bullish trend.
Future Price Potential: If ALGO sustains momentum above $0.25, it could potentially target $0.30 and beyond.
Possible Reversal Point: A reversal from $0.25 could lead to a retest of the $0.20 support level.
Can ALGO Step Beyond This Neckline?Reversal Rally Reaching $0.20: ALGO's ongoing reversal rally is gaining momentum, currently reaching around $0.20.
32% Jump in Last Week: The bull run has resulted in a 32% increase in ALGO's price in the past week.
Potential Surge to $0.2834: The high momentum bullish rally might soon surpass $0.25 and reach as high as $0.2834.
18% Year-to-Date Growth: Despite a challenging year, ALGO has seen an 18% increase in its price year-to-date.
Support at $0.0912 Level: ALGO has taken multiple supports at the $0.0912 level, showing rejection of bearish dominance.
Boost from Uptober Rally: A boost from the Uptober rally helped ALGO break multiple barriers, indicating a strong comeback.
Rounding Bottom Pattern in Weekly Chart: The reversal rally has formed a rounding bottom pattern in the weekly chart.
Current Trading Price: ALGO is trading at $0.2047, with buyers attempting to sustain it above $0.20.
Technical Indicators - Bollinger Bands and MACD: Bollinger Bands stretch upward, signaling a bullish phase, while the MACD supports the possibility of a breakout rally.
Bullish Actions Tease Sustenance Above $0.20: The bullish trend continuation pattern suggests a potential breakout above $0.24.
Risk of Retesting $0.1717: If there's a reversal, ALGO may retest the $0.1717 level.
ALGO/USD COINBASSE $ALGO ALGO ALGO Long hereEURONEXT:ALGO looks to be ready to take another leg up in this channel its in.
Again it depends if #Bitcoin hold its sideways slow grind up price. #charts #crypto #alts #altcoins
1hr green DOT and in the money flow with a trigger wave along with break out of the descending triangle Ride nicely in the rising channel represented buy my thick red lines top and bottom of pattern.
I have 2 million Algo coins bought at .15 cents i feel this can Easly double quickly. lets go !!!
