ChainLink / TetherUSUpdated LINKUSDT Time to explode?
LINKUSDT has been undergoing a prolonged consolidation phase for approximately 445 days. During this period, the price movements have been relatively confined within a range, indicating a lack of a clear trend direction.
Recently, the market experienced a false breakout below the crucial weekly support level located around the $5.4 area. A false breakout occurs when the price temporarily moves below a key support level, triggering stop-loss orders and prompting traders to believe that a downtrend is imminent. However, instead of continuing downward, the price quickly reversed back above the support level, invalidating the bearish breakout signal. This false breakout can be seen as a trap that "grabs" liquidity from traders with stop-loss orders below the support level.
As per Plancton's rules, traders are now closely watching the price action around the new resistance level at the $8.8 area. The fact that the price needs to create a new breakout above this level indicates a critical moment for LINKUSDT.
A "new long" trade is suggested according to Plancton's rules if the price successfully breaks out above the $8.8 area. A clear and decisive breakout above this resistance level, accompanied by substantial trading volume, would signal a potential end to the consolidation phase and the beginning of a new uptrend.
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Follow the Shrimp 🦐
Keep in mind.
Recently, the market experienced a false breakout below the crucial weekly support level located around the $5.4 area. A false breakout occurs when the price temporarily moves below a key support level, triggering stop-loss orders and prompting traders to believe that a downtrend is imminent. However, instead of continuing downward, the price quickly reversed back above the support level, invalidating the bearish breakout signal. This false breakout can be seen as a trap that "grabs" liquidity from traders with stop-loss orders below the support level.
As per Plancton's rules, traders are now closely watching the price action around the new resistance level at the $8.8 area. The fact that the price needs to create a new breakout above this level indicates a critical moment for LINKUSDT.
A "new long" trade is suggested according to Plancton's rules if the price successfully breaks out above the $8.8 area. A clear and decisive breakout above this resistance level, accompanied by substantial trading volume, would signal a potential end to the consolidation phase and the beginning of a new uptrend.
–––––
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
The price is testing the Key level as I told youNote
11% since the bounce as I told you
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