ALGOUSDT is testing the weekly support

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.

• 🟣 Purple structure -> Monthly structure.
  
• 🔴 Red structure -> Weekly structure.
  
• 🔵 Blue structure -> Daily structure.
  
• 🟡 Yellow structure -> 4h structure.
  

Follow the Shrimp 🦐