$ALGO - SHORT Setup
Entry: 0.1132 – 0.1140 (On a rejection from this resistance zone)
Target 1:0.1100
Target 2:0.1080
Stop Loss:0.1148 (Above the 24h high)
My View:
ALGO is in a pronounced and sustained downtrend,with significant losses over the medium to long term (-28.26% in 30D, -44.10% in 90D). The price is currently retracing into a clear resistance confluence. This zone is defined by the 24h high (0.1146) and a prior breakdown level. The order book shows a notable Ask wall beginning at 0.1122, confirming immediate supply pressure. The price action structure remains bearish, with the current bounce appearing weak and corrective within the larger downtrend. The strategy is to enter a short position on a confirmed rejection from the defined resistance area, anticipating a continuation of the downtrend towards the recent swing low and potentially new yearly lows.
Bias: Bearish below 0.1140. A break and sustained hold above 0.1148 would indicate a stronger corrective bounce is in progress.
Disclaimer:My plan. Not advice. Trade your own risk.
