ALGOUSDT Local S/R| Daily S/R| Price Action| 200 MA Support

Evening Traders,

Today’s analysis – ALGOUSDT- impulse break above Local S/R, holding these levels are deemed bullish.

Points to consider,
- Price action impulse
- Local S/R Support(200 MA Confluence)
- Daily S/R Resistance
- Volume Influx

ALGOUSDT’s immediate Price Action is impulsive, allowing us to have a bullish bias in the immediate short term,

The Local S/R is current support in confluence with the .50 Fibonacci and 200 MA supports; price action testing these areas is likely to be respected.

The Daily S/R is immediate resistance, taking this level out will increase the probability of trend continuation,

The volume profile is indicative of a climatic node, this suggests a true breakout thus follow through is needed to sustain momentum.

Overall, in my opinion, ALGOUSDT is a valid long with defined risk, price action is to be used upon discretion/ management.

Hope this analysis helps!

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And remember,

“Once you find the system that works for your style/personality and confidence is gained, wash, rinse, repeat over and over again.” – Sunrisetrader