Alpha Finance (ALPHA) is nearing long-term resistance and a possible breakout

Alpha Finance (ALPHA) is making another attempt to move above a horizontal resistance area which, if successful, will greatly accelerate the upward move.

Alpha Finance Lab (ALPHA) là gì? Thông tin chi tiết về Alpha Finance năm  2021 - Triệu Phú MMO

ALPHA has fallen into a descending parallel channel since Feb. 6 when it hit an all-time high of $ 2.94. Such channels often contain corrective movements. Therefore, an outbreak across the canal is likely. This possibility is supported by the fact that the price is trading in the upper part of this channel.

Technical indicators are increasing. The RSI, a momentum indicator, has just bounced off the 50 line.

The MACD, formed from the short-term and long-term moving averages (MA), is in positive territory. However, the uptrend appears to have stopped, which could be taken as a sign of weakness.

ALPHA is currently facing resistance at $ 1.23. This is the 0.618 fib retracement level from the previous downtrend. If the price tries to cross this level, it will likely go up faster.

alpha point pha

Daily ALPHA / USDT chart | Source: TradingView

Short term outbreak

Trader @thebull_Crypto outlined the ALPHA chart, indicating that the token is about to break above the long-term horizontal resistance area at $ 1.21.

alpha point pha

Since the tweet, ALPHA has made several attempts to move across this zone (red symbols). However, they were all unsuccessful.

In addition to the horizontal resistance, the $ 1.23 area is also the 0.618 fib retracement resistance. Therefore, a breakout above it should strongly accelerate the upward momentum.

alpha point pha

ALPHA / USDT 6-hour chart | Source: TradingView

A look at the shorter 2-hour chart shows a descending parallel channel. Similar to the daily timeframe, a breakout on this channel would also be the most likely move.

alpha point pha

ALPHA / USDT 2-hour chart | Source: TradingView

Count waves

The wave number suggests that ALPHA could initiate the third wave (orange) of a bullish impulse with five waves. The number of partial waves is shown in black.

If the wave count is correct, the first resistance range is between $ 1.94 and $ 2.04. It was found using the 0.618 Fib resistance from the all time high and should give 1: 3 waves in a 1: 1 ratio.

A fall below the September 21st low of $ 0.79 (red line) invalidates that particular wave count.

1636774772 775 Alpha Finance ALPHA is nearing long term resistance and a possible

ALPHA / USDT 12-hour chart | Source: TradingView

You can get the price from ALPHA. see Here.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Beincrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Alpha Finance (ALPHA) is nearing long-term resistance and a possible breakout

Alpha Finance (ALPHA) is making another attempt to move above a horizontal resistance area which, if successful, will greatly accelerate the upward move.

Alpha Finance Lab (ALPHA) là gì? Thông tin chi tiết về Alpha Finance năm  2021 - Triệu Phú MMO

ALPHA has fallen into a descending parallel channel since Feb. 6 when it hit an all-time high of $ 2.94. Such channels often contain corrective movements. Therefore, an outbreak across the canal is likely. This possibility is supported by the fact that the price is trading in the upper part of this channel.

Technical indicators are increasing. The RSI, a momentum indicator, has just bounced off the 50 line.

The MACD, formed from the short-term and long-term moving averages (MA), is in positive territory. However, the uptrend appears to have stopped, which could be taken as a sign of weakness.

ALPHA is currently facing resistance at $ 1.23. This is the 0.618 fib retracement level from the previous downtrend. If the price tries to cross this level, it will likely go up faster.

alpha point pha

Daily ALPHA / USDT chart | Source: TradingView

Short term outbreak

Trader @thebull_Crypto outlined the ALPHA chart, indicating that the token is about to break above the long-term horizontal resistance area at $ 1.21.

alpha point pha

Since the tweet, ALPHA has made several attempts to move across this zone (red symbols). However, they were all unsuccessful.

In addition to the horizontal resistance, the $ 1.23 area is also the 0.618 fib retracement resistance. Therefore, a breakout above it should strongly accelerate the upward momentum.

alpha point pha

ALPHA / USDT 6-hour chart | Source: TradingView

A look at the shorter 2-hour chart shows a descending parallel channel. Similar to the daily timeframe, a breakout on this channel would also be the most likely move.

alpha point pha

ALPHA / USDT 2-hour chart | Source: TradingView

Count waves

The wave number suggests that ALPHA could initiate the third wave (orange) of a bullish impulse with five waves. The number of partial waves is shown in black.

If the wave count is correct, the first resistance range is between $ 1.94 and $ 2.04. It was found using the 0.618 Fib resistance from the all time high and should give 1: 3 waves in a 1: 1 ratio.

A fall below the September 21st low of $ 0.79 (red line) invalidates that particular wave count.

1636774772 775 Alpha Finance ALPHA is nearing long term resistance and a possible

ALPHA / USDT 12-hour chart | Source: TradingView

You can get the price from ALPHA. see Here.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Beincrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

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