JOEUSDT is inside a big Falling Wedge
JOEUSDT is currently forming a falling wedge pattern. This pattern is characterized by a narrowing range of price movement between two converging trendlines and is often considered a bullish reversal pattern.
Falling Wedge Formation: A falling wedge is being observed in the price chart, typically preceding a breakout. Falling wedges are generally associated with bullish sentiment.
Clear Breakout of $0.30: The expectation is for a clear and decisive breakout above the $0.30 area. This breakout is regarded as a bullish signal and frequently leads to an upward price movement.
False Breakout: It is also noted that there's a potential scenario of a false breakout following the initial clear breakout. A false breakout occurs when the price briefly surpasses a resistance level or pattern boundary but fails to sustain that position.
New Long Position: Following the false breakout, there would be consideration of opening a new long position. This strategy assumes that the initial breakout was a false signal and that the price will eventually resume its upward trajectory.
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Follow the Shrimp 🦐
Keep in mind.
Falling Wedge Formation: A falling wedge is being observed in the price chart, typically preceding a breakout. Falling wedges are generally associated with bullish sentiment.
Clear Breakout of $0.30: The expectation is for a clear and decisive breakout above the $0.30 area. This breakout is regarded as a bullish signal and frequently leads to an upward price movement.
False Breakout: It is also noted that there's a potential scenario of a false breakout following the initial clear breakout. A false breakout occurs when the price briefly surpasses a resistance level or pattern boundary but fails to sustain that position.
New Long Position: Following the false breakout, there would be consideration of opening a new long position. This strategy assumes that the initial breakout was a false signal and that the price will eventually resume its upward trajectory.
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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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