Here is how I would trade ALGO / USDT 1H Chart in a falling wedge formation. Since the RSI is approaching overbought condition, I would wait for the price to move back into the falling wedge and bounce of the dotted lines.
If the price breaks the upper line of the falling wedge (again) - I recommend that you wait for a solid confirmation - then enter a long position.
Take profit ideas:
TG1 - 1.90$
TG2 - 1.98$
TG3 - 2.10$
TG4 - 2.21$
TG5 - 2.28$
I keep it simple and clean!
Likes, comments, and follows are dearly appreciated.
Let me know what you think and which ones you would like for me to analyze next.
Trade safely!
--------------
About Algorand:
"Algorand is a self-sustaining, decentralized, blockchain-based network that supports a wide range of applications. These systems are secure, scalable and efficient, all critical properties for effective applications in the real world. Algorand will support computations that require reliable performance guarantees to create new forms of trust.
(...) Algorand was invented to speed up transactions and improve efficiency, in response to the slow transaction times of Bitcoin and other blockchains. Algorand is designed so that there are lower transaction fees, as well as no mining (like Bitcoin's energy-intensive process), as it is based on a permissionless pure proof-of-stake (PoS) blockchain protocol."
Source: Coinmarketcap.com
If the price breaks the upper line of the falling wedge (again) - I recommend that you wait for a solid confirmation - then enter a long position.
Take profit ideas:
TG1 - 1.90$
TG2 - 1.98$
TG3 - 2.10$
TG4 - 2.21$
TG5 - 2.28$
I keep it simple and clean!
Likes, comments, and follows are dearly appreciated.
Let me know what you think and which ones you would like for me to analyze next.
Trade safely!
--------------
About Algorand:
"Algorand is a self-sustaining, decentralized, blockchain-based network that supports a wide range of applications. These systems are secure, scalable and efficient, all critical properties for effective applications in the real world. Algorand will support computations that require reliable performance guarantees to create new forms of trust.
(...) Algorand was invented to speed up transactions and improve efficiency, in response to the slow transaction times of Bitcoin and other blockchains. Algorand is designed so that there are lower transaction fees, as well as no mining (like Bitcoin's energy-intensive process), as it is based on a permissionless pure proof-of-stake (PoS) blockchain protocol."
Source: Coinmarketcap.com