Strong Uptrend from Powell and his Talk today!Many were wondering what the catalyst would be to help propel us out of the crypto slump and though the higher level timeframes depict bearishness across the board, such as the Weekly and Monthly timeframes on most Cryptocurrencies, we are due for one last Santa Clause Rally. During the day earlier today, the Fed talk caused a precipitous drop in the VIX and it's ETF Derivative Investments such as UVXY and a Rally in Equities and Cryptocurrencies.
This has left many currencies, including Algo propped up by strong support levels, consolidating and ready for the next leg up!
As you can see in my shorter term chart, Algo has consolidated just above the 200 SMA into a sideways symmetrical triangle and has obeyed the strongest Fibonacci Level, which is .236 or 23.6% (the shallowest correction in terms of fib ratios). In theory, the extension should run up to the reciprocal of the fibonacci ratio added to the bottom of the retracement, so 1/.236, which = 4.237, but I'm looking at the conservative target, assuming our breakout holds of 1.618 which is at 1.55 short term. After that I will reanalyze things.
