MASK / TetherUSUpdated MASKUSDT is testing the key level
MASKUSDT is exhibiting a pennant formation, which is a common chart pattern characterized by a triangular shape formed by converging trend lines. This pattern typically represents a temporary pause in the price movement before a continuation of the previous trend.
In the case of MASKUSDT, the pennant formation suggests that after a significant price increase or decrease, the market is experiencing a period of consolidation, with decreasing volatility and narrowing price ranges. Traders often interpret this pattern as a sign of impending volatility, where a breakout is expected to occur in the direction of the previous trend.
However, there is a possibility that the price of MASKUSDT could break below its daily support level. If this support is breached, it could indicate a bearish sentiment and lead to a retest of the $3 area. This would align with Plancton's rules, which could signal an opportunity for traders to initiate short positions.
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Follow the Shrimp 🦐
Keep in mind.
In the case of MASKUSDT, the pennant formation suggests that after a significant price increase or decrease, the market is experiencing a period of consolidation, with decreasing volatility and narrowing price ranges. Traders often interpret this pattern as a sign of impending volatility, where a breakout is expected to occur in the direction of the previous trend.
However, there is a possibility that the price of MASKUSDT could break below its daily support level. If this support is breached, it could indicate a bearish sentiment and lead to a retest of the $3 area. This would align with Plancton's rules, which could signal an opportunity for traders to initiate short positions.
–––––
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
23%
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