ALGOUSDT is testing the monthly area

The price is testing a key monthly level of 0.68$ where the price bounced several times. Check the upper chart, the price respected that area.

on the lower timeframe (4H) the price had a false breakout from that area.

How to approach?
If the price is going to confirm the breakout from the monthly support, According to Plancton's strategy, we can set a nice order
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Keep in mind.

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

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Follow the Shrimp 🦐

تعليق:

The price is fighting with the monthly support.
If the price is going to have a breakout and satisfy our rules, we could open a new Short Position.
Be careful with the false breakout