- 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...
- 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.
- Horizontal resistance...
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.