SNXUSDT is testing the 4h resistance
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Synthetix Network Token (SNX) has recently bounced from the 0.618 Fibonacci level, which is a significant level of support. The price has also broken out from its dynamic resistance on the 4-hour timeframe, indicating a potential bullish move.
Currently, the price is testing a resistance level, which could act as a barrier for the price to move higher. If the price manages to break above the 2.8 area and confirm the new uptrend, according to Plancton's rules, a new long position could be taken.
It's crucial to monitor the volume and momentum indicators to confirm the breakout and avoid false signals. Additionally, traders should consider the risk-reward ratio before making any trading decisions and use a stop-loss order to manage the risk.
Overall, SNXUSDT's recent price action suggests a potential bullish move, but traders should wait for the confirmation of the breakout and consider the overall market conditions before making any trading decisions.
According to Plancton's strategy, we can set a nice order
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Keep in mind.
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Follow the Shrimp 🦐
Currently, the price is testing a resistance level, which could act as a barrier for the price to move higher. If the price manages to break above the 2.8 area and confirm the new uptrend, according to Plancton's rules, a new long position could be taken.
It's crucial to monitor the volume and momentum indicators to confirm the breakout and avoid false signals. Additionally, traders should consider the risk-reward ratio before making any trading decisions and use a stop-loss order to manage the risk.
Overall, SNXUSDT's recent price action suggests a potential bullish move, but traders should wait for the confirmation of the breakout and consider the overall market conditions before making any trading decisions.
According to Plancton's strategy, we can set a nice order
–––––
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
- ⚫️ black structure -> <= 1h structure.
–––––
Follow the Shrimp 🦐
Note
The price is testing the breakout
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