On the daily timeframe, the price is currently testing a support level where the market experienced a recent breakout. On the same timeframe, the market formed a double top pattern at the 13.4$ area, which is acting as a resistance level.
Currently, the price is in an accumulation phase between daily structures, which suggests that the market is uncertain about the next direction of the trend. If the price fails to hold the support level and breaks down, it could potentially retest the level as a new resistance, triggering a potential bearish trend.
According to Plancton's Rules, if the price breaks down and retests the support level as new resistance, the 10.2$ area could be the target for a potential bearish impulse.
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Follow the Shrimp 🦐
Keep in mind.
Currently, the price is in an accumulation phase between daily structures, which suggests that the market is uncertain about the next direction of the trend. If the price fails to hold the support level and breaks down, it could potentially retest the level as a new resistance, triggering a potential bearish trend.
According to Plancton's Rules, if the price breaks down and retests the support level as new resistance, the 10.2$ area could be the target for a potential bearish impulse.
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
- ⚫️ Black structure -> <= 1h structure.
Note
The price is following my arrow
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.