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An excellent opportunity to catch the rally from the very beginning! ALGO/USDT pair analysis (4h timeframe) - [SPOT only]
📈 Technical overview:
• Price action: A textbook rebound and hold above the 0.0899 low, with the latest candles successfully breaking through the key moving averages (MA5 and MA10) and holding above them at 0.0955. This signals an end to the downward pressure and confirms a bullish reversal.
• Indicators (RSI & MACD): RSI is holding strong and has entered positive territory above the 50 line, reading 51.15. This coincides with shrinking red MACD histogram bars and the lines beginning to curl toward a bullish golden cross, alongside a gradual rise in the OBV volume indicator.
🎯 Strategic trading plan (enter in stages):
• Buy (Stage 1): Enter immediately at the current price of 0.0955.
• Buy (Stage 2): Add to the position with limit orders at nearby support at 0.0903 in case of a retest.
• Target 1: 0.0974 🔥 (expected profit: +2.0%) - [85% probability]
• Target 2: 0.1046 🔥 (expected profit: +9.5%) - [60% probability]
• Target 3 (ambitious): 0.1120 🔥 (expected profit: +17.2%) - [40% probability]
• Strict stop-loss: A break below the latest support, with a 4-hour candle closing below 0.0899.
💡 Sticking to risk management, dividing your capital, and staying patient are key to staying in the market and succeeding.
$ALGO #ALGO #Algorand #CryptoAnalysis #TechnicalAnalysis #BinanceSquare $ALGO
An excellent opportunity to catch the rally from the very beginning! ALGO/USDT pair analysis (4h timeframe) - [SPOT only]
📈 Technical overview:
• Price action: A textbook rebound and hold above the 0.0899 low, with the latest candles successfully breaking through the key moving averages (MA5 and MA10) and holding above them at 0.0955. This signals an end to the downward pressure and confirms a bullish reversal.
• Indicators (RSI & MACD): RSI is holding strong and has entered positive territory above the 50 line, reading 51.15. This coincides with shrinking red MACD histogram bars and the lines beginning to curl toward a bullish golden cross, alongside a gradual rise in the OBV volume indicator.
🎯 Strategic trading plan (enter in stages):
• Buy (Stage 1): Enter immediately at the current price of 0.0955.
• Buy (Stage 2): Add to the position with limit orders at nearby support at 0.0903 in case of a retest.
• Target 1: 0.0974 🔥 (expected profit: +2.0%) - [85% probability]
• Target 2: 0.1046 🔥 (expected profit: +9.5%) - [60% probability]
• Target 3 (ambitious): 0.1120 🔥 (expected profit: +17.2%) - [40% probability]
• Strict stop-loss: A break below the latest support, with a 4-hour candle closing below 0.0899.
💡 Sticking to risk management, dividing your capital, and staying patient are key to staying in the market and succeeding.
$ALGO #ALGO #Algorand #CryptoAnalysis #TechnicalAnalysis #BinanceSquare $ALGO
