OPUSDT is testing the resistance
OPUSDT trading pair's current dynamics, there is a notable occurrence of price action testing the resistance level within an ascending channel. This ascending channel pattern is characterized by a sequence of successive higher lows and higher highs, indicating a gradual upward movement of prices that has been contained within a clearly defined channel.
Of particular significance is the recent development where the price attempted to breach the resistance level around the $1.2 area, but the breakout was ultimately deemed a false breakout, as the price retraced back within the confines of the ascending channel. This demonstrates the importance of caution when interpreting price movements near key levels and emphasizes the necessity of confirming breakout scenarios.
Traders and observers are now closely monitoring the OPUSDT price as it tests the resistance level within the ascending channel once again. The previous false breakout serves as a reminder of the need for confirmation before assuming a genuine breakout scenario.
Following Plancton's trading rules, a new long position might be contemplated if the price convincingly breaks above the resistance level of the ascending channel. This potential breakout could signal a continuation of the upward trend and present a favorable opportunity for bullish trades.
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Follow the Shrimp 🦐
Keep in mind.
Of particular significance is the recent development where the price attempted to breach the resistance level around the $1.2 area, but the breakout was ultimately deemed a false breakout, as the price retraced back within the confines of the ascending channel. This demonstrates the importance of caution when interpreting price movements near key levels and emphasizes the necessity of confirming breakout scenarios.
Traders and observers are now closely monitoring the OPUSDT price as it tests the resistance level within the ascending channel once again. The previous false breakout serves as a reminder of the need for confirmation before assuming a genuine breakout scenario.
Following Plancton's trading rules, a new long position might be contemplated if the price convincingly breaks above the resistance level of the ascending channel. This potential breakout could signal a continuation of the upward trend and present a favorable opportunity for bullish trades.
–––––
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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