Hi friends hope you are well and welcome to the new update on Algorand (ALGO).

channel and stochastic:
The priceline of Algo started the formation of a big channel on weekly time frame in Dec 2020 and since then the support of this channel is not broken down. It can be noticed that whenever the priceline is reaching the support of this channel and the stochastic goes in the oversold zone, Algo starts big rally and this time the same action seems to be repeated as the priceline of Algo has started a reversal move from the support and stochastic is oversold.

Channel within a channel:
If we take a look at the daily time frame, then there is another channel formed within a big channel. Therefore, in order to start a big reversal, Algo needs to 1st breakout the smaller channel.

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You can also support my work at Patreon for more ideas:

https://www.patreon.com/moon333

In order to play and watch the current performance of the chart you need at least a free account on tradingview:

https://www.tradingview.com/gopro/?share_your_love=moon333

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Link for Binance exchange, to trade crypto:

https://www.binance.com/?ref=11256882 

Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.