Weekly Watchlist Analysis : ALGO

Weekly Watchlist Analysis 📊
#Algo
#4h

In the first trigger of my strategy, the price has dropped by nearly 13% 📉. The previous uptrend exhibited clear signs of weakness:

Reduced Momentum: After each breakout, the price moved less each time ⬇️.
Increased Red Candles: More red candles appeared toward the end of the trend, indicating selling pressure 🟥.
Declining Buying Volume: The final wave saw reduced buying volume while selling volume spiked significantly 📈.
As the cycle high formed, the market entered a range after the drop, reinforcing the potential for an earlier short position 📉.

Entry Points:
First Entry:
After the Head and Shoulders pattern broke on the 1-hour timeframe, we got our first entry at the top of the move 🎯.

Second Entry:
As the price reached the next major support, we went for a correction. The green candles that followed lacked volume and size 📉. After the support was broken and a pullback occurred, the second entry was executed (another entry was made during the support break as well).

Third Entry:
Upon reaching the next key support level at 0.1258, a sell-off candle appeared, signaling the end of the trend or at least the start of a correction on the 4-hour timeframe 🕒. After ranging and forming a box, a false break to the downside occurred, which lacked the strength to break the previous high or even the box's high, indicating buyer weakness 📉. This was a signal to enter on the next break.

Currently, the ongoing downtrend lacks the strength seen in the previous trend. If selling volume doesn’t increase within the next 48 hours, there’s a possibility of a deep correction to the upside in higher timeframes 🔄.

Categories: Trend Analysis, Support and Resistance, Volume Analysis
Hashtags: #Algo #CryptoAnalysis #TradingStrategy #Tradecitypro #TCP 🚀