Technical analysis by tradexict about Symbol ALGO: Buy recommendation (1/11/2025)

1. **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).