In this 4-hourly chart of Algorand/ United States dollar (ALGO/ USD), there is a depreciating range from 0.3150 to 0.2425.
We can see that after the depreciation, the market appreciated and then depreciated to the 0.2596 level (identified by the blue up arrow), right around the 0.25961 level that represents the 23.6% retracement of the depreciating range.
We can see the market then appreciated to the 0.2795 level (identified by the first red down arrow), just above the 0.27875 level that represents the 50% retracement of the depreciating range.
We can see the market then appreciated further to the 0.2910 level (identified by the second red down arrow), just above the 0.287305 level that represents the 61.8% retracement of the appreciating range.
Using a Simple Moving Average, we can see the market came close to testing the 50-bar Simple Moving Average when the market depreciated to the 0.2425 level.
Using RSI, we can see that RSI (14) moved back above RSI Average (3) after the market depreciated to 0.2596. We can also see that RSI (14) remains above RSI Average (3) and that both continue to have positive slopes, suggesting further price appreciation is possible.
Using Slow Stochastics, we can see Stochastics K had a positive slope after the market traded as low as the 0.2425 level, and we can see that Stochastics K bullishly crossed above Stochastics D during the appreciation. Stochastics K remains above Stochastics D and both have a positive slope, indicating further price appreciation may be possible.
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Published on November 22nd, 2019 by BTCMedia,Nov 22, 2019
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