Charts Are Telling Us It Will Be Another Powerful Reversal Move
Hi friends hope you are well and welcome to the new update on Algorand (ALGO).
channel and stochastic:
The priceline of Algo started the formation of a big channel on weekly time frame in Dec 2020 and since then the support of this channel is not broken down. It can be noticed that whenever the priceline is reaching the support of this channel and the stochastic goes in the oversold zone, Algo starts big rally and this time the same action seems to be repeated as the priceline of Algo has started a reversal move from the support and stochastic is oversold.
Channel within a channel:
If we take a look at the daily time frame, then there is another channel formed within a big channel. Therefore, in order to start a big reversal, Algo needs to 1st breakout the smaller channel.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade
channel and stochastic:
The priceline of Algo started the formation of a big channel on weekly time frame in Dec 2020 and since then the support of this channel is not broken down. It can be noticed that whenever the priceline is reaching the support of this channel and the stochastic goes in the oversold zone, Algo starts big rally and this time the same action seems to be repeated as the priceline of Algo has started a reversal move from the support and stochastic is oversold.
Channel within a channel:
If we take a look at the daily time frame, then there is another channel formed within a big channel. Therefore, in order to start a big reversal, Algo needs to 1st breakout the smaller channel.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade