ATOUSDT wants 6$?
Descending Channel Formation: The current market situation involves ATOMUSDT forming a descending channel pattern on the daily timeframe. A descending channel consists of two parallel trendlines, one functioning as resistance and the other as support. This pattern suggests a potential continuation of the ongoing downtrend.
Key Level Loss: The analysis indicates that the price of ATOMUSDT has moved below a significant level around the $9 area. These levels are noteworthy due to their historical influence on price movements.
Retest and Potential Resistance at $9: There exists the possibility of a retest of the $9 area, which was previously breached. In technical analysis, former support levels can assume the role of new resistance levels after they are crossed.
Retest of Old $6 Area: The analysis also suggests the potential for a revisit to the previous $6 area. This scenario could entail a further downward movement in the price.
Plancton's Rules Application: Following Plancton's Rules and aligned with the analysis, a consideration of a new short position is in place. A short position entails selling the asset with the expectation of a decline in its value.
–––––
Follow the Shrimp 🦐
Keep in mind.
Key Level Loss: The analysis indicates that the price of ATOMUSDT has moved below a significant level around the $9 area. These levels are noteworthy due to their historical influence on price movements.
Retest and Potential Resistance at $9: There exists the possibility of a retest of the $9 area, which was previously breached. In technical analysis, former support levels can assume the role of new resistance levels after they are crossed.
Retest of Old $6 Area: The analysis also suggests the potential for a revisit to the previous $6 area. This scenario could entail a further downward movement in the price.
Plancton's Rules Application: Following Plancton's Rules and aligned with the analysis, a consideration of a new short position is in place. A short position entails selling the asset with the expectation of a decline in its 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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.