ALGOUSD on a strong bullish streak but not a Buy Opportunity yet

 

Algorand (ALGOUSD) has completed a strong 3 day bullish streak coming close to the 1D MA50 (blue trend-line) again for the first time since the first week of April. Despite this green short-ter display, it is not a buy opportunity yet, as on the medium-term it remains within a Channel Down (dashed lines) and on the long-term it has broken below the Channel Up.

A buy signal will be given, when the price breaks above not just the 1D MA50 but also the Lower Highs trend-line (top) of the Channel Down. This Channel can be seen better on the linear scale:

snapshot

On the long-term, which will be the safest trade, ALGO will turn into a confirmed buy once the price breaks not just above the 1D MA200 (orange trend-line) but also the 1W MACD makes a Bullish Cross. As you see, the last two MACD Bullish Crosses, have resulted in strong rallies within a 2-year time-frames.

Until those medium and long-term conditions are met, Algorand can be moving lower and lower in accordance to the lower Fibonacci extensions shown on the chart.

Tradingview link:

https://www.tradingview.com/chart/ALGOUSD/WIas0umu-ALGOUSD-on-a-strong-bullish-streak-but-not-a-Buy-Opportunity-yet



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