DOTUSDT wants the breakout?
Updated
DOTUSDT is testing the support level at $4.975. A support level is a price level at which there has been historically strong buying interest, preventing the price from falling further.
For a potential bullish trade setup according to Plancton's Rules, the price needs to create a clear breakout above the static and dynamic daily resistance at $5.4. A breakout occurs when the price convincingly moves above a significant resistance level, indicating a potential shift in market sentiment from bearish to bullish.
The static resistance at $5.4 represents a price level where selling pressure has historically been strong, limiting the upward movement of the price. The dynamic resistance could refer to a moving average or a trendline drawn on the daily chart, which also acts as a barrier to price appreciation.
If the price of DOTUSDT successfully breaks above the $5.4 resistance level, it could signal a potential bullish trend reversal or a continuation of an existing uptrend. This breakout could attract further buying interest from traders looking to capitalize on the upward momentum.
According to Plancton's Rules, a new long position is suggested if the price achieves the clear breakout above the $5.4 resistance level. A long position involves buying the asset with the expectation that its price will rise.
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Follow the Shrimp 🦐
Keep in mind.
For a potential bullish trade setup according to Plancton's Rules, the price needs to create a clear breakout above the static and dynamic daily resistance at $5.4. A breakout occurs when the price convincingly moves above a significant resistance level, indicating a potential shift in market sentiment from bearish to bullish.
The static resistance at $5.4 represents a price level where selling pressure has historically been strong, limiting the upward movement of the price. The dynamic resistance could refer to a moving average or a trendline drawn on the daily chart, which also acts as a barrier to price appreciation.
If the price of DOTUSDT successfully breaks above the $5.4 resistance level, it could signal a potential bullish trend reversal or a continuation of an existing uptrend. This breakout could attract further buying interest from traders looking to capitalize on the upward momentum.
According to Plancton's Rules, a new long position is suggested if the price achieves the clear breakout above the $5.4 resistance level. A long position involves buying the asset with the expectation that its price will rise.
–––––
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.
Note
the price is testing the 0.618 Fibonacci level right now
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