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.
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.