Algo has had an amazing start to 2020. Since Jan 20th it has risen 210% from 22 cents to a much higher 48 cents.
This has been a relatively healthy paced increase and has the potential to rise even further, but not before a small pullback.
All the early entries from the 22-28 cent range will be reaping profits in this range. This can be seen in the AO where it is indicating the price will continue to fall from the overbought position it currently sits at.
This is a LTF chart and therefore can only be expected to predict two days or so of price action, or 12 full candles.
Another signal of a coming pullback would be the formation of a bearish fractal pattern having 4/5 fractals confirming a bearish trend. That would be a green fractal preceded by two lower green fractals, and followed by to lower green fractals.
This all combines for a likely pullback to the 40-35 cent range.
This has been a relatively healthy paced increase and has the potential to rise even further, but not before a small pullback.
All the early entries from the 22-28 cent range will be reaping profits in this range. This can be seen in the AO where it is indicating the price will continue to fall from the overbought position it currently sits at.
This is a LTF chart and therefore can only be expected to predict two days or so of price action, or 12 full candles.
Another signal of a coming pullback would be the formation of a bearish fractal pattern having 4/5 fractals confirming a bearish trend. That would be a green fractal preceded by two lower green fractals, and followed by to lower green fractals.
This all combines for a likely pullback to the 40-35 cent range.