ALGO is inside a weekly descending channel, got rejections from 1,8$ area, it's strong area.
As you can see the price had a breakout and retested this area as new support, but after the breakdown, the price retested the previous strong support as new resistance.
The market created a double top on the daily timeframe.
The price bounced on the weekly support and got a new rejection from the 0.382 Fibonacci retracements.
We'd like to see a breakout from the descending channel and flip the current daily resistance into new support. In that area, we could apply our rules. Beware about the structure on the 1.8$ it's the weekly resistance
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Follow the Shrimp 🦐
Keep in mind.
As you can see the price had a breakout and retested this area as new support, but after the breakdown, the price retested the previous strong support as new resistance.
The market created a double top on the daily timeframe.
The price bounced on the weekly support and got a new rejection from the 0.382 Fibonacci retracements.
We'd like to see a breakout from the descending channel and flip the current daily resistance into new support. In that area, we could apply our rules. Beware about the structure on the 1.8$ it's the weekly resistance
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.