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ALGO/USDT (Futures) Potential Upward Movement

ALGO/USDT (Futures) Long-Term Trend: Bullish

Key Resistance Levels: 0.7353, 0.7515, 0.76000.

Key Support Levels: 0.7213, 0.7095, 0.7050.

1-Hr Time Frame:

The price on the higher time frame failed to continue its move downward and it retraced with a lower higher signaling that we are in a new trend to the upside leaving a fakeout behind. This could lead to a further movement to the upside.

ALGO/USDT (Futures) Medium-Term Trend: Bullish

10-Mins Time Frame:

On the lower time frame, the buyers succeeded to break the bearish trend line to the upside after a double bottom formation. A lower correction could be posted to the support level to bring back liquidity before a new bullish impulsive wave toward the target profits.

Buy Limit Order @ 0.7222

Target Profit 1 @ 0.7353

Target Profit 2 @ 0.7515

Stop Loss @ 0.7092

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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