FIL / TetherUSUpdated FILUSDT is testing the first demand zone
FILUSDT is testing the demand zone on 0.786 on the 4-hour timeframe, which could potentially provide a buying opportunity for traders.
In addition, the market is creating a falling wedge pattern, which is a bullish reversal pattern. A falling wedge occurs when the price of an asset forms a series of lower highs and lower lows, but the range between the highs and lows narrows over time. This creates a wedge-like shape on the chart, and is typically seen as a bullish reversal pattern.
For a potential bullish breakout to occur, the price of FILUSDT needs to create a breakout from the 6.65 weekly resistance level, which has previously acted as a key level of resistance. If the price manages to break above this level and retest it as a new support level, this could provide a strong bullish signal for traders.
Once the breakout and retest of the resistance level has been confirmed, traders can apply Plancton’s rules, a set of technical analysis rules used by traders, to look for a potential long position in the market.
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Follow the Shrimp 🦐
Keep in mind.
In addition, the market is creating a falling wedge pattern, which is a bullish reversal pattern. A falling wedge occurs when the price of an asset forms a series of lower highs and lower lows, but the range between the highs and lows narrows over time. This creates a wedge-like shape on the chart, and is typically seen as a bullish reversal pattern.
For a potential bullish breakout to occur, the price of FILUSDT needs to create a breakout from the 6.65 weekly resistance level, which has previously acted as a key level of resistance. If the price manages to break above this level and retest it as a new support level, this could provide a strong bullish signal for traders.
Once the breakout and retest of the resistance level has been confirmed, traders can apply Plancton’s rules, a set of technical analysis rules used by traders, to look for a potential long position in the market.
–––––
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 the key level
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