ANALYSIS 🔎
- ALGOUSDT brokeout above the inverse head and shoulders neckline resistance as expected from my previous analysis.
- Price hit a swing high (1.84 USDT) and retraced.
- Price is retesting the neckline resistance (flip horizontal support) and key fibonacci retracement levels (0.5 - 0.618 - 0.786).
- There's a relatively high concentration of buyers at...
ANALYSIS 🔎
- ALGOUSDT is consolidating in a pennant chart pattern.
- A pennant chart pattern is a trend continuation pattern, a bullish one in this case.
- There's a breakout potential.
BUY ENTRY ⬆️
- Aggressive entry (risky) : market price (now).
- Conservative entry : breakout above the pennant pattern's inclined resistance.
TARGETS 🎯
- Horizontal resistance...
First of all, it's the beginning of the alt-season. The areas marked with a $ is where price manipulation is highly likely to occur. Set buy limits in those zones.
ALGOUSDT is printing the inverse head and shoulders reversal pattern on the weekly timeframe.
RSI is printing a bullish divergence signal.
Buy entry ⬆️ - breakout above the neckline resistance.
Targets 🎯 - horizontal resistance levels.
Setup invalidation ❌ - breakdown below the inverse shoulders support level.
Looks like ALGO could bounce here. Currently fighting to retake the 50EMA on the 4-Hour chart.
Strong resistance area overhead (green shaded zone). If bulls can break this then the 0.382 fib level and upper channel resistance will be key areas to watch.
Expecting a retracement to the 0.236 fibonacci level if the breakout is successful, before a correction.
I don't think i've ever seen a V shape bottom occur in BTCUSD in the years i've traded it. I would expect a breakdown of this wedge pattern possibly into a true double bottom before rallying back up.
