LTCUSDT wants a new Short Leg?
LTCUSDT has formed a double top pattern as previously mentioned, which is a bearish reversal pattern indicating a possible downward trend.
The current price action appears to be testing the M neckline on the $97 area, which is an important support level that could determine the future direction of the asset.
IF AND ONLY IF the price breaks below the neckline support level and creates a new breakout from the 4-hour support at $92, traders who follow "Plancton's Rules" may view this as a bearish signal and consider entering a short position in anticipation of further price decreases.
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Follow the Shrimp 🦐
Keep in mind.
The current price action appears to be testing the M neckline on the $97 area, which is an important support level that could determine the future direction of the asset.
IF AND ONLY IF the price breaks below the neckline support level and creates a new breakout from the 4-hour support at $92, traders who follow "Plancton's Rules" may view this as a bearish signal and consider entering a short position in anticipation of further price decreases.
–––––
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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