Algo possible bull flag and descending triangle breakout?
In this analysis we will be going over algorand flag pattern that could potentially be breaking ALGO out of the larger descending triangle .
Algo has recently triple bottomed, is currently forming a bull flag and is looking to jump out of a descending triangle . If the top of the bull flag resistance line is popped the price action will head upward the same length of the bull flags pole. This would break the price action out above the macro pattern of the descending wedge pattern we have been in for 2.5 months.
Currently the price action is bouncing off of the .5 fib line after the retrace from the recent high (the resistance line of the descending triangle ) that helped formed the macro descending triangle formation Algo is currently in.
This one looks ready to move as long as Bitcoin plays nicely.
Have a green and prosperous week!
Algo has recently triple bottomed, is currently forming a bull flag and is looking to jump out of a descending triangle . If the top of the bull flag resistance line is popped the price action will head upward the same length of the bull flags pole. This would break the price action out above the macro pattern of the descending wedge pattern we have been in for 2.5 months.
Currently the price action is bouncing off of the .5 fib line after the retrace from the recent high (the resistance line of the descending triangle ) that helped formed the macro descending triangle formation Algo is currently in.
This one looks ready to move as long as Bitcoin plays nicely.
Have a green and prosperous week!
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