ALGOUSDT shows a classical Head & Shoulder Pattern but as an Elliott Wave Trader I see it as a potential Truncated Head & Shoulder and wave 2 about to end.When this wave 2 ends I am expecting ALGORAND to begin it bullish run for the ALT SEASON. At least a x2-5 200 - 500% is guaranteed.
Entry is anywhere in between the box and the 618 to 786% Fibonacci level while the invalidation level is at the ALL TIME LOW and the first target is $0.456 presenting us with a 6 Risk Reward Ratio.
Remember the PSYCHOLOGY behind this incoming bull run as I have explained before. now many traders are frustrated as much as the bulls and the bears are confused but as price keeps going down the bears will affirm their bias and the bulls hope will begin to shift to being bears just like when
BTCUSDT was at 16k and then boom.PREVIOUS ANALYSIS
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.