ALGO on the 8H timeframe is currently trading around 0.0849 after a sustained decline from the June high near 0.1360, with price now pressing directly into a macro rising trendline that has connected every significant low since late March and is currently sitting near 0.0815–0.0820.
The chart shows a rising trendline originating from the late March low near 0.0776, touching the early April low and extending across the entire visible structure as the macro support floor. Price rallied from that trendline through April and into a high near 0.1270–0.1300 in early May before pulling back, recovering again into a second high near 0.1360 in early June, and then selling off sharply and without meaningful recovery through the rest of June and into July. That decline has brought price through the 0.1060–0.1100 zone, through the 0.0875–0.0900 support area, and now directly into the macro trendline near 0.0815–0.0820. Two horizontal reference levels sit just above, one near 0.0855–0.0875 and a second near 0.0875–0.0900, both of which have flipped from support to resistance following the breakdown through them.
The current test of the macro trendline near 0.0815–0.0820 is the first since the late March origin point, and unlike the prior two highs which both launched from well above this level, price has arrived at the trendline after an extended and steep decline with no meaningful bounces along the way.
Key Levels To Watch
→ 0.1340–0.1360 – June high, major resistance above
→ 0.1220–0.1270 – Prior recovery high, resistance
→ 0.1060–0.1100 – Prior support zone, now resistance
→ 0.0875–0.0900 – Broken support, now resistance
→ 0.0855–0.0875 – Horizontal pivot, immediate resistance
→ 0.0815–0.0820 – Macro rising trendline, current test (dynamic)
→ Below 0.0776 – Trendline breakdown, full macro structural failure
A hold at the macro trendline near 0.0815–0.0820 and a recovery back above 0.0855–0.0875 would keep the structure that has defined every major low since March intact, opening a move toward 0.0875–0.0900 and potentially 0.1060–0.1100 on a more sustained recovery.
A confirmed 8H close below the macro trendline near 0.0815 would be the first structural break of this trendline since its origin in late March, removing the only remaining floor on this chart and opening downside toward 0.0776 and below with no clear support beneath.
First macro trendline test after an extended decline, most important level on this chart. Hold 0.0815–0.0820 → structure intact, recovery open toward 0.0875–0.0900. Lose trendline on confirmed close → macro structural break, downside toward 0.0776 and below. Bias neutral to cautiously bullish at trendline. Shift bearish only on confirmed close below 0.0815–0.0820.
The chart shows a rising trendline originating from the late March low near 0.0776, touching the early April low and extending across the entire visible structure as the macro support floor. Price rallied from that trendline through April and into a high near 0.1270–0.1300 in early May before pulling back, recovering again into a second high near 0.1360 in early June, and then selling off sharply and without meaningful recovery through the rest of June and into July. That decline has brought price through the 0.1060–0.1100 zone, through the 0.0875–0.0900 support area, and now directly into the macro trendline near 0.0815–0.0820. Two horizontal reference levels sit just above, one near 0.0855–0.0875 and a second near 0.0875–0.0900, both of which have flipped from support to resistance following the breakdown through them.
The current test of the macro trendline near 0.0815–0.0820 is the first since the late March origin point, and unlike the prior two highs which both launched from well above this level, price has arrived at the trendline after an extended and steep decline with no meaningful bounces along the way.
Key Levels To Watch
→ 0.1340–0.1360 – June high, major resistance above
→ 0.1220–0.1270 – Prior recovery high, resistance
→ 0.1060–0.1100 – Prior support zone, now resistance
→ 0.0875–0.0900 – Broken support, now resistance
→ 0.0855–0.0875 – Horizontal pivot, immediate resistance
→ 0.0815–0.0820 – Macro rising trendline, current test (dynamic)
→ Below 0.0776 – Trendline breakdown, full macro structural failure
A hold at the macro trendline near 0.0815–0.0820 and a recovery back above 0.0855–0.0875 would keep the structure that has defined every major low since March intact, opening a move toward 0.0875–0.0900 and potentially 0.1060–0.1100 on a more sustained recovery.
A confirmed 8H close below the macro trendline near 0.0815 would be the first structural break of this trendline since its origin in late March, removing the only remaining floor on this chart and opening downside toward 0.0776 and below with no clear support beneath.
First macro trendline test after an extended decline, most important level on this chart. Hold 0.0815–0.0820 → structure intact, recovery open toward 0.0875–0.0900. Lose trendline on confirmed close → macro structural break, downside toward 0.0776 and below. Bias neutral to cautiously bullish at trendline. Shift bearish only on confirmed close below 0.0815–0.0820.
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คำจำกัดสิทธิ์ความรับผิดชอบ
ข้อมูลและบทความไม่ได้มีวัตถุประสงค์เพื่อก่อให้เกิดกิจกรรมทางการเงิน, การลงทุน, การซื้อขาย, ข้อเสนอแนะ หรือคำแนะนำประเภทอื่น ๆ ที่ให้หรือรับรองโดย TradingView อ่านเพิ่มเติมใน ข้อกำหนดการใช้งาน