- ALGOUSDT brokeout above descending trendline resistance.
- Price action is printing an pattern.
- This is a build up pattern.
- There's a breakout potential.
BUY ENTRY ⬆️
- Breakout above the ascending triangle's horizontal resistance.
- Horizontal (R1).
- Horizontal (R2).
SETUP INVALIDATION ❌
- Breakdown below the ascending triangle's inclined support.
I've seen a lot of buying volume on the lows, and bears seem to be struggling to pull the price any further down. I think that we will break the ascending triangle in a bullish movement up and test the next level of support, but we will have to see how it plays out. Thank you for the technical analysis!!