Hey guys, Algorand ended up meeting the 200EMA yesterday and was quickly bought up to the bottom of the channel (where strong resistance was met). The sentiment at the moment is short term bearish and we have no confirmation on completing wave C. I'm expecting another dip in the short term to confirm wave C (possibly a double bottom (near 200 daily EMA or extension off the 200EMA as shown in the chart). Long term sentiment is still positive for ALGO and we still need wave 5 completion, so buy the dip, dollar cost average and stake. You will be rewarded when the 5th wave comes. Thanks
Thank you for this chart. As a relatively new trader I'm trying to get more acquainted with these trend analyses, and the explanation you provided with your chart helped me understand some aspects I couldn't get at first.