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.
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.
Nota
Looks like Algo wants higher. Let's see if it can break the ATHNota
Change my mind... original idea was correct. I think we have a false breakout and then sweep lower before the higher targets are met.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.