It's been a while since our last chart update, but now is a great time to analyze some long-term patterns in altcoins. We still have a few spot trades open, and ALGO looks particularly promising with its potential for significant profits.
Currently, ALGO is showing an accumulation phase, which could lead to massive gains if it maintains the inverse head and shoulders pattern it's forming. The right shoulder is still in progress, indicating potential upward momentum.
Exit Targets:
First Target: $0.29 area
Second Target: $0.45 area
Keep an eye on the low of the right shoulder at $0.15, as this level would invalidate the pattern.
As always, ensure your money management strategies are in place. Happy trading!
Currently, ALGO is showing an accumulation phase, which could lead to massive gains if it maintains the inverse head and shoulders pattern it's forming. The right shoulder is still in progress, indicating potential upward momentum.
Exit Targets:
First Target: $0.29 area
Second Target: $0.45 area
Keep an eye on the low of the right shoulder at $0.15, as this level would invalidate the pattern.
As always, ensure your money management strategies are in place. Happy trading!
Comment:
We're still holding this position and will wait for the weekly candle to close before deciding whether to stay in or exit.
Trade closed: stop reached