Ethereum / TetherUSUpdated ETHUSDT wants the breakout?
ETHUSDT indicates a false breakout from a falling wedge pattern, which is characterized by a narrowing range between a downward-sloping resistance line and an upward-sloping support line. The false breakout occurred around the 0.618 Fibonacci level, which is a significant level for traders who utilize Fibonacci retracement as a technical analysis tool.
Currently, the market is testing a 4-hour resistance level that has previously resulted in multiple rejections. This resistance level holds importance as it has acted as a significant barrier for price advancement in the past.
According to Plancton's rules, a potential trading opportunity could arise if ETHUSDT experiences a breakout above the current resistance level. A breakout above this level would suggest a potential shift in market sentiment and provide an opportunity for traders to open new long positions.
However, it's crucial to exercise caution and wait for confirmation of the breakout before initiating any trading positions. Confirmation can be indicated by a strong and sustained price movement above the resistance level, accompanied by significant volume.
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Follow the Shrimp 🦐
Keep in mind.
Currently, the market is testing a 4-hour resistance level that has previously resulted in multiple rejections. This resistance level holds importance as it has acted as a significant barrier for price advancement in the past.
According to Plancton's rules, a potential trading opportunity could arise if ETHUSDT experiences a breakout above the current resistance level. A breakout above this level would suggest a potential shift in market sentiment and provide an opportunity for traders to open new long positions.
However, it's crucial to exercise caution and wait for confirmation of the breakout before initiating any trading positions. Confirmation can be indicated by a strong and sustained price movement above the resistance level, accompanied by significant volume.
–––––
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
Waiting for it
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