Algorand / TetherUSDiupdate ALGOUSDT is testing the 4h resistance
ALGOUSDT is inside an observable ascending channel formation with the price action moving within this channel below the 4-hour resistance level.
An ascending channel is a bullish chart pattern characterized by the formation of two parallel trendlines, where the lower trendline acts as a support level, and the upper trendline serves as a resistance level. This pattern suggests a gradual and sustained uptrend, as the price tends to make higher highs and higher lows within the channel.
Traders following Plancton's rules, a set of guidelines for technical analysis, would closely monitor the ascending channel's support level. If the price were to break below the lower trendline and lose the support of the ascending channel, it could signal a potential trend reversal or a short-term correction.
In such a scenario, adhering to Plancton's rules, traders may consider initiating new short positions. Shorting involves selling an asset in the hopes of buying it back at a lower price, thereby profiting from a decline in value.
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Follow the Shrimp 🦐
Keep in mind.
An ascending channel is a bullish chart pattern characterized by the formation of two parallel trendlines, where the lower trendline acts as a support level, and the upper trendline serves as a resistance level. This pattern suggests a gradual and sustained uptrend, as the price tends to make higher highs and higher lows within the channel.
Traders following Plancton's rules, a set of guidelines for technical analysis, would closely monitor the ascending channel's support level. If the price were to break below the lower trendline and lose the support of the ascending channel, it could signal a potential trend reversal or a short-term correction.
In such a scenario, adhering to Plancton's rules, traders may consider initiating new short positions. Shorting involves selling an asset in the hopes of buying it back at a lower price, thereby profiting from a decline in value.
–––––
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.
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