#ALGO

Alright, let's break down this ALGO/TetherUS perpetual contract chart on Binance.

Technical Analysis:

The chart shows that ALGO experienced a rally after seemingly finding support in an area of interest (potentially a demand zone or a key Fibonacci level). Following this upward move, the price consolidated and appears to have reversed, currently trading within a local downtrend indicated by the descending trendline. The price seems to be pulling back after failing to break through a resistance area around the 0.786 Fibonacci retracement level. There's also confluence with moving averages acting as dynamic resistance. The analyst anticipates a further correction before a potential move to test recent highs.

Trade Entry Plan:

Based on this analysis, a potential short-term trading plan could be:

* Entry: Consider a short entry near the descending trendline or the 0.618 Fibonacci retracement level (around 0.2290-0.2300), anticipating further downside.

* Target: Aim for a take-profit level around the 0.2200 zone or the previous local low, aligning with the expected correction.

* Stop-loss: Place a stop-loss order above the recent local high or the 0.786 Fibonacci level (above 0.2360) to protect against trend reversal

Disclaimer: This is not financial advice. Trade responsibly and conduct your own research.