$ALGO targets $6 over the LT but w/ ST potential downside risk
I think the next time we touch the blue trend line running through the middle of the chart, it should break. Which would give $algo great upside to the higher green targets w/ a potential of $6 as the final target. The key level to break on the upside is $2.56 (ATH) which would provide a path for continuation upwards.
However, the question is, what is the path to get there? I don't think the trade is as simple as it looks from the chart at the moment.
While there appears to be a flag that has formed on the chart, and the indicators are looking good, I think BTC could potentially take Algo down with it, if it were to fall.
I think the most likely scenario from here is that we break down from the flag (or break up and roll over) and find support at $.96-1.23 before the uptrend resumes. Reason being, that I'd have a hard time seeing Algo running straight up without retesting those lows first.
Let's see how it plays out. I added some key dates on the chart for changes in price action to watch.
However, the question is, what is the path to get there? I don't think the trade is as simple as it looks from the chart at the moment.
While there appears to be a flag that has formed on the chart, and the indicators are looking good, I think BTC could potentially take Algo down with it, if it were to fall.
I think the most likely scenario from here is that we break down from the flag (or break up and roll over) and find support at $.96-1.23 before the uptrend resumes. Reason being, that I'd have a hard time seeing Algo running straight up without retesting those lows first.
Let's see how it plays out. I added some key dates on the chart for changes in price action to watch.
Comment:
Looks like Algo wants higher. Let's see if it can break the ATH
Comment:
Change my mind... original idea was correct. I think we have a false breakout and then sweep lower before the higher targets are met.