Afternoon traders,
Todays analysis - ALGOUSD – Trading above the structural support zone projecting a healthy inclining trend
Points to consider:
- S/R flip retest must hold
- High overall volume
- Declining immediate volume
- RSI trading above 50 putting in lower highs
- Fibonacci and structural resistance technical targets
ALGOUSD recent S/R flip must respect local trend and consolidate above the structural support zone for a bullish continuation.
Overall trading volume has increased drastically adding legitimately in the price action, however, a decline of immediate volume is indicative of an influx being imminent.
RSI trading above 50 with a healthy higher low projection showing strength in the market.
Overall, in my opinion, ALGOUSDT needs to consolidate above the support zone and respect the local trend for a valid long trade to technical targets.
Todays analysis - ALGOUSD – Trading above the structural support zone projecting a healthy inclining trend
Points to consider:
- S/R flip retest must hold
- High overall volume
- Declining immediate volume
- RSI trading above 50 putting in lower highs
- Fibonacci and structural resistance technical targets
ALGOUSD recent S/R flip must respect local trend and consolidate above the structural support zone for a bullish continuation.
Overall trading volume has increased drastically adding legitimately in the price action, however, a decline of immediate volume is indicative of an influx being imminent.
RSI trading above 50 with a healthy higher low projection showing strength in the market.
Overall, in my opinion, ALGOUSDT needs to consolidate above the support zone and respect the local trend for a valid long trade to technical targets.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.