Technical analysis by lukeyhwh about Symbol ALGO on 12/11/2023

Algo will likely retrace lower, if we close below the previous large bullish candle. Looking at the weekly RSI, we see Algo had pulled back at the same level on the first wave of its last bull cycle a few years ago. We have also not closed any significant bullish candles on the lower time frames as of yet, to reclaim the recent large sell off candle. Despite aggressive buying at the Fibonacci levels, we could see bullish momentum ease off for a short time. If price action is maintained in the current range, I'd consider looking at more bullish signals.