ALGO ---> C&H pattern - DIRECTION 7$
Hello everyone !
Today the Black Cat Trader is analyzing ALGO based on a weekly chart.
What we can see :
Pitchfork : Prices are stuck under the intermediary lower line of the pitchfork
Pattern : Prices are building what seems to be a beautiful Cup and Handle pattern.
What we can expect :
- If ALGO manages to break the median line of the pitchfork, we can expect prices to reach the intermediary upper line of the pitchfork first. A pull back on the neckline of the C&H would be perfect to send ALGO to the last upper line of the pitchfork.
- Note that the trend based fib extension gave us targets who match with our C&H and pitchfork final objectives.
Major resistance 1 : Median line of the pitchfork
Major resistance 2 : ATH
——
Major support 1 : Lower line of the pitchfork
Major support 2 : Long term uptrend (Green)
——
TP1 : 3,49$ (1.618)
TP2 : 5,23$ (2.618)
TP3 : 6,98$ (3.618)
TP4 : 8,72$ (4.618)
IF YOU LIKE THIS POST, FEEL FREE TO LEAVE A LIKE AND FOLLOW THE BLACK CAT TRADER
MAY THE CRYPTO BE WITH YOU GUYS (D.Y.O.R)
Today the Black Cat Trader is analyzing ALGO based on a weekly chart.
What we can see :
Pitchfork : Prices are stuck under the intermediary lower line of the pitchfork
Pattern : Prices are building what seems to be a beautiful Cup and Handle pattern.
What we can expect :
- If ALGO manages to break the median line of the pitchfork, we can expect prices to reach the intermediary upper line of the pitchfork first. A pull back on the neckline of the C&H would be perfect to send ALGO to the last upper line of the pitchfork.
- Note that the trend based fib extension gave us targets who match with our C&H and pitchfork final objectives.
Major resistance 1 : Median line of the pitchfork
Major resistance 2 : ATH
——
Major support 1 : Lower line of the pitchfork
Major support 2 : Long term uptrend (Green)
——
TP1 : 3,49$ (1.618)
TP2 : 5,23$ (2.618)
TP3 : 6,98$ (3.618)
TP4 : 8,72$ (4.618)
IF YOU LIKE THIS POST, FEEL FREE TO LEAVE A LIKE AND FOLLOW THE BLACK CAT TRADER
MAY THE CRYPTO BE WITH YOU GUYS (D.Y.O.R)
Disclaimer
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.