ALGO/USDT1. **Price Action**
- The price appears to be in a **downtrend**, with lower highs and lower lows, followed by a possible **reversal setup**.
- There are **marked levels of support and resistance**:
- **Resistance Zone** around the 0.42 - 0.44 range (highlighted in red as a "weak high").
- **Support Zones** at the 0.34 - 0.35 level (marked with blue zones).
2. **Key Levels**
- **CHoCH (Change of Character)**: Multiple CHoCH points are marked, indicating potential shifts in market structure. These suggest a possible transition from bearish to bullish momentum.
- **BOS (Break of Structure)**: Several BOS labels highlight points where price broke previous support or resistance levels.
- **Liquidity Zones**: Areas around the blue zones (support) could be targets for price before a potential reversal.
3. **Indicators**
- **MACD (Bottom Panel)**:
- The MACD line (blue) has crossed above the signal line (red), which is a **bullish signal**.
- However, the momentum seems to be slowing down, indicating a potential pullback before continuing upward.
- **Volume Indicator (Middle Panel)**:
- The histogram shows **positive momentum on recent candles**, suggesting buying pressure.
- Prior to that, there was significant bearish pressure (red bars), which aligns with the downtrend.
4. **Projected Movement**
- The white projection line shows an expectation of a short-term dip back into the **support zone (0.34-0.35)**, followed by a significant move upwards toward the **resistance zone (0.42-0.44)**.
5. **Trading Strategy**
- **Bullish Scenario**:
- Watch for a bounce at the support zone (0.34-0.35).
- A strong bullish candle or a CHoCH around this area can confirm the upward movement.
- **Bearish Scenario**:
- If the price breaks below the 0.34 support zone, the next level to watch could be much lower.
- **Take Profit Zones**:
- First TP near 0.38 (minor resistance).
- Second TP near 0.42-0.44 (major resistance).
