Great "Cup and Handle" forming on
ALGOUSD
. Beautiful consolidation within the high time frame liquidity box and just under the major daily resistance at $0.67. This is where I would expect a retest of the daily support to give another opportunity to long from the $0.55 area. That would give us a perfect handle to the cup. However, looking at the chart history how ALGO tops outs, drops, consolidates and then punches through, we are seeing consolidation instead of a drop this time.....maybe it's primed?!?! I think if you wanted an aggressive long, enter here on ALGO with a tight stop at say $0.6179. (watch your position sizing!) If it breaks down, bailout and long the daily retest around $0.55 at a better entry. I will buy this retest as I already have a great long entry. Finally, the more conservative long would be to wait for the breakout of $0.67, confirmation, and then buy the retest of this level.
ALGOUSD
. Beautiful consolidation within the high time frame liquidity box and just under the major daily resistance at $0.67. This is where I would expect a retest of the daily support to give another opportunity to long from the $0.55 area. That would give us a perfect handle to the cup. However, looking at the chart history how ALGO tops outs, drops, consolidates and then punches through, we are seeing consolidation instead of a drop this time.....maybe it's primed?!?! I think if you wanted an aggressive long, enter here on ALGO with a tight stop at say $0.6179. (watch your position sizing!) If it breaks down, bailout and long the daily retest around $0.55 at a better entry. I will buy this retest as I already have a great long entry. Finally, the more conservative long would be to wait for the breakout of $0.67, confirmation, and then buy the retest of this level.