$ALGO targets $6 over the LT but w/ ST potential downside risk

2021年11月3日

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.

2021年11月9日

注释

Looks like Algo wants higher. Let's see if it can break the ATH

2021年11月11日

注释

Change my mind... original idea was correct. I think we have a false breakout and then sweep lower before the higher targets are met.