ALGO - Next Wave Up ⏫

It would appear that the next wave up is underway.

To remind, ALGO printed a shooting star and that would very often signal a top / significant correction.

But crypto is really warming up now and ALGO appears to be into the next wave up already.

It wasn't entirely clear because we have multiple tiered 3 wave corrections.

And ALGO has not even hit the 0.382 retracement which could be somewhat expected after a shooting star candle on the 3 day chart.

But notice the bounce rolls into a contractive re-accumulation pattern (green box) and now we have seen a small breakout from it.

Its not impossible of course to see further corrective price action perhaps if BTC slumped.

But right here it would appear the next wave up is underway 🧐.

ALGO is looking solid and things are getting very interesting.

Not advice

Comment:

Had a nice lower time frame re-accumulation as described above but it would appear that was part of the wave up of a bearish shakeout pattern.

Its getting complex here, on higher time frame the multiple tops are forming a contraction pattern and if a bounce arrive soon then it could be a tricky continuation pattern to push higher.

But that star candle also forms a 3 candle Evening Star formation which is generally bearish.

Any candle with a larger body relative to this area can be a clue of where ALGO will go next 🧐.

I'm on the fence here, but higher time frame ALGO is on the pump train 🚂

Comment:

This is going great, up over 100% from our entries near the bottom.

ALGO hasn't set the world on fire as other coins have, but watch this space; this will likely go up and up from here with pull backs along the way of course.

This will likely become very impulsive down the road and still a great buy on any of these shallow pull backs such as where it is right now.

Remember ALGO is a big deal ISO20022 coin and so it may be a big winner by market end.