MKR / TetherUSDiupdate MKRUSDT is creating a huge pennant
MKRUSDT is currently forming a pennant pattern.
A pennant is a technical chart pattern that resembles a symmetrical triangle and is considered a continuation pattern. It forms when price consolidates after a sharp price movement and usually indicates a pause in momentum before the trend resumes in the same direction as before. Traders often look for a breakout from the pennant in the direction of the previous trend, confirming the continuation of the trend. However, the formation of a pennant is not a guarantee of a successful trade and requires careful analysis in conjunction with other indicators and market conditions.
Within this pattern, the price broke out from a descending channel, which is a bearish trend characterized by lower lows and lower highs.
The market is now testing a static resistance and support level.
We are waiting for a breakout from the pennant and key level, a retest, and a new bullish impulse, following Plancton's Rules.
–––––
Follow the Shrimp 🦐
Keep in mind.
A pennant is a technical chart pattern that resembles a symmetrical triangle and is considered a continuation pattern. It forms when price consolidates after a sharp price movement and usually indicates a pause in momentum before the trend resumes in the same direction as before. Traders often look for a breakout from the pennant in the direction of the previous trend, confirming the continuation of the trend. However, the formation of a pennant is not a guarantee of a successful trade and requires careful analysis in conjunction with other indicators and market conditions.
Within this pattern, the price broke out from a descending channel, which is a bearish trend characterized by lower lows and lower highs.
The market is now testing a static resistance and support level.
We are waiting for a breakout from the pennant and key level, a retest, and a new bullish impulse, following Plancton's Rules.
–––––
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
Still in the consolidation phase inside the Pennant
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.