ALGOUSDT is currently testing the $0.11 area, which could be a significant price level based on historical price action. Additionally, the price is contained within a Falling Wedge pattern. Falling Wedges are bullish reversal patterns characterized by converging trendlines, with the upper trendline sloping downward more gently than the lower trendline. These patterns often indicate a potential bullish breakout.
Breakout Signal: You've indicated that a breakout above the $0.11 level is considered a trigger for a new long position. A breakout occurs when the price convincingly moves above a key resistance level, suggesting a potential shift in market sentiment from bearish to bullish.
New Long Position: In accordance with your analysis, a "new long" position would involve buying ALGOUSDT with the expectation that its price will rise after the breakout. This aligns with the potential bullish momentum indicated by the Falling Wedge pattern.
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Follow the Shrimp 🦐
Keep in mind.
Breakout Signal: You've indicated that a breakout above the $0.11 level is considered a trigger for a new long position. A breakout occurs when the price convincingly moves above a key resistance level, suggesting a potential shift in market sentiment from bearish to bullish.
New Long Position: In accordance with your analysis, a "new long" position would involve buying ALGOUSDT with the expectation that its price will rise after the breakout. This aligns with the potential bullish momentum indicated by the Falling Wedge pattern.
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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.
- ⚫️ Black structure -> <= 1h structure.