Hi friends hope you are well, here I have found another profit potential trading idea for you and this time I have found a harmonic move by Algorand (ALGO). The Priceline of ALGO has formed bullish Cypher pattern and entered in potential reversal zone and ready for bullish reversal soon.
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After initial leg (X to A) the A to B leg is retraced between 0.382 to 0.618 Fibonacci and then B to C leg is projected between 1.272 to 1.414 of A to X leg's Fibonacci projection and final (C to D) leg is retraced between 0.618 to 0.786 Fibonacci projection of X to D leg as required for perfect bullish Cypher and we also have a 200 simple moving average in PRZ level that can be a strong support to push the price action up to 56%.
Buying And Sell Targets:
The buying and sell targets according to harmonic Cypher pattern should be:
Buy between: $0.3285 $0.2847
Sell between: $0.3629 to $0.4452
Stop Loss:
The potential reversal zone area which is up to $0.2847 can be used as stop loss in case of complete candle stick closes below this level.
