JASMYUSDT Oblique Inverse Head and Shoulders Formation
Oblique Inverse Head and Shoulders Formation: The market is currently shaping an oblique inverse head and shoulders pattern. This pattern entails the formation of three troughs, where the middle trough (the "head") is positioned lower than the flanking two troughs (the "shoulders"). It's noteworthy that the pattern might not exhibit perfect symmetry.
Testing the Neckline as Resistance: The prevailing price action involves testing the neckline of the oblique inverse head and shoulders pattern as a recently formed resistance level. The neckline holds significant importance within this pattern, often serving as a decisive level that verifies the pattern's validity.
Breakout Signal: The threshold for potential action is a breakout beyond the level of 0.004127. A breakout signifies a convincing ascent beyond a critical resistance point, potentially reflecting a shift in market sentiment from a bearish to a bullish outlook.
Plancton's Rules Application: In alignment with the analysis and adhering to Plancton's Rules, a novel long position is under consideration if the price effectively surpasses the 0.004127 threshold. This long position involves procuring the asset with the anticipation of its value ascending, aligning with the projected bullish momentum indicated by the breakout.
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Follow the Shrimp 🦐
Keep in mind.
Testing the Neckline as Resistance: The prevailing price action involves testing the neckline of the oblique inverse head and shoulders pattern as a recently formed resistance level. The neckline holds significant importance within this pattern, often serving as a decisive level that verifies the pattern's validity.
Breakout Signal: The threshold for potential action is a breakout beyond the level of 0.004127. A breakout signifies a convincing ascent beyond a critical resistance point, potentially reflecting a shift in market sentiment from a bearish to a bullish outlook.
Plancton's Rules Application: In alignment with the analysis and adhering to Plancton's Rules, a novel long position is under consideration if the price effectively surpasses the 0.004127 threshold. This long position involves procuring the asset with the anticipation of its value ascending, aligning with the projected bullish momentum indicated by the breakout.
–––––
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.
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