[Warning] Descending Triangle forming on ALGO USDT!

We need to be really careful here on ALGO/USDT. A very clear descending triangle is forming here, giving us very bearish signals.

The intuition behind a descending triangle is that there is a support zone at the bottom, with multiple attempts to break the support. After every bounce, the bulls slightly decrease their power. At some point the bears break through the support zone, and will create a sharp drop in price.

The support line of .3350 goes all the way back to 19th and 20th of February, showing that it is a very important zone. This is a very important moment to exit your long positions, and consider a short position if your crypto broker allows you.

- The Trading Guru

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!