On the daily timeframe, the price is currently testing a key level at 0.833, where it has previously found clear support. Meanwhile, on the 4-hour timeframe, the price is forming a pennant pattern.
A pennant is a bullish continuation pattern characterized by a converging trendline that forms a small symmetrical triangle shape. This indicates that the market is taking a breather and could continue the uptrend after a potential breakout. If the price breaks out above the upper trendline of the pennant, this could signal a potential long position according to Plancton's Rules.
However, if the price fails to hold the key support level at 0.833, this could potentially trigger a short position based on Plancton's Rules.
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Follow the Shrimp 🦐
Keep in mind.
A pennant is a bullish continuation pattern characterized by a converging trendline that forms a small symmetrical triangle shape. This indicates that the market is taking a breather and could continue the uptrend after a potential breakout. If the price breaks out above the upper trendline of the pennant, this could signal a potential long position according to Plancton's Rules.
However, if the price fails to hold the key support level at 0.833, this could potentially trigger a short position based on Plancton's Rules.
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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.
Catatan
the price is testing the key level
Pernyataan Penyangkalan
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Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.