DOT / TetherUSUpdated DOTUSDT Wants the Weekly support?
DOTUSDT is currently undergoing an interesting market phase. The price action is testing a significant key level at $5,200, which is acting as a daily support level. This level has historically shown its importance as a support zone, attracting buyers and potentially triggering bullish momentum.
Furthermore, the market is forming a pennant pattern. A pennant is a consolidation pattern that resembles a small symmetrical triangle, characterized by converging trendlines. The pattern indicates a temporary pause in the market's trend, usually following a significant price movement. In this case, the pennant is forming as the market tests the key level at $5,200.
According to Plancton's rules, a potential trading scenario could involve waiting for a breakout from the support level. If the price successfully breaks below the support and retests it as new resistance, it could signal a bearish continuation. In such a scenario, the market could potentially retest the weekly support level around the $4.6 area.
Based on Plancton's principles, a new short position could be considered if the price exhibits the aforementioned breakout and subsequent retest of the support-turned-resistance level.
–––––
Follow the Shrimp 🦐
Keep in mind.
Furthermore, the market is forming a pennant pattern. A pennant is a consolidation pattern that resembles a small symmetrical triangle, characterized by converging trendlines. The pattern indicates a temporary pause in the market's trend, usually following a significant price movement. In this case, the pennant is forming as the market tests the key level at $5,200.
According to Plancton's rules, a potential trading scenario could involve waiting for a breakout from the support level. If the price successfully breaks below the support and retests it as new resistance, it could signal a bearish continuation. In such a scenario, the market could potentially retest the weekly support level around the $4.6 area.
Based on Plancton's principles, a new short position could be considered if the price exhibits the aforementioned breakout and subsequent retest of the support-turned-resistance level.
–––––
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
testing right now Note
22%
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.