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 this retest zone (High buying pressure).
- The retracement is resisted by the descending trendline resistance.
- Breakout above the descending trendline resistance could be an uptrend continuation signal.
BUY ENTRY ⬆️
- Conservative entry : breakout above the descending trendline resistance.
- Aggressive entry (risky) : market price (now).
TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Breakdown below the 0.786 fibonacci retracement level.
- 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 this retest zone (High buying pressure).
- The retracement is resisted by the descending trendline resistance.
- Breakout above the descending trendline resistance could be an uptrend continuation signal.
BUY ENTRY ⬆️
- Conservative entry : breakout above the descending trendline resistance.
- Aggressive entry (risky) : market price (now).
TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- Breakdown below the 0.786 fibonacci retracement level.
