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.
with the support of immediate and major zones, this pair has managed to get back in an ascending channel, however, a strong resistance zone is keeping the price from trying the top of the channel again, if this zone is conquered one can imagine the blue lines as the immediate targets.
Have a nice weekend everyone!
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.