🔥 ALGO Potential Bearish Reversal: Yearly Channal Analysis
ALGO has been one of the big winners of the last month, seeing big returns on a day by day basis.
Currently, ALGO is showing signs of consolidation around the upper resistance of the channel. Since this channel has been holding strong for nearly a year now, it's a resistance to be reckoned with.
Since we're in a very volatile market currently, I'd advise waiting for a daily candle to close below the confirmation line. We need to make sure that the resistance is actually holding.
On the chart I’ve marked two potential areas of support, S1 and S2. These areas are based on recent swing highs and round numbers. Do your own due diligence.
Happy trading!
Currently, ALGO is showing signs of consolidation around the upper resistance of the channel. Since this channel has been holding strong for nearly a year now, it's a resistance to be reckoned with.
Since we're in a very volatile market currently, I'd advise waiting for a daily candle to close below the confirmation line. We need to make sure that the resistance is actually holding.
On the chart I’ve marked two potential areas of support, S1 and S2. These areas are based on recent swing highs and round numbers. Do your own due diligence.
Happy trading!
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