$ALGO š Algorand (ALGO/USDT) - Bearish Trend Analysis & Trade Setup š„
š Market Overview (1H Chart Analysis)
š° Current Price: $0.287 š
š Trend: Bearish
š Resistance Levels: $0.290 - $0.294
š Support Levels: $0.280 - $0.275
ā³ Expected Trade Duration: 2H - 6H
š Technical Indicators & Chart Pattern Analysis:
ā
RSI (39.22) - Bearish zone, indicating downward momentum
ā
DMI/ADX: Red line above green, confirming strong bearish trend š
ā
Volume Analysis: Increasing sell pressure, supporting further downside movement
š View According to Chart Pattern Analysis:
Price is testing support at $0.287. A breakdown could trigger more selling pressure.
Resistance at $0.290 needs to be reclaimed for a bullish reversal.
Trend Confirmation: Bearish š unless price reclaims $0.292.
š Final Trend Signal: Bearish Bias š (Watch for breakdown of $0.280 for further downside)
š Trade Setup & Key Levels šÆ
š Bearish Scenario - Short Setup:
Entry Price: $0.288 - $0.290 (If resistance holds)
Stop Loss: $0.294 (Above resistance)
Take Profit 1: $0.280
Take Profit 2: $0.275
Take Profit 3: $0.270
ā
Risk-Reward Ratio: 1:2+ (High probability short trade setup)
š Bullish Reversal Scenario (If Trend Changes):
Entry Price: Above $0.292
Stop Loss: $0.288
Target 1: $0.295
Target 2: $0.300
š¢ Final Thoughts (Based on Chart Analysis):
ā
Bearish trend is strong unless price reclaims $0.292 š
ā
Breakdown of $0.280 could lead to a deeper correction
ā
Short traders should look for rejection near resistance before entering trades
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šØ Disclaimer: This is not financial advice. Trade responsibly! šØ
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