SUSHIUSDT accumulation phase
Updated
SUSHIUSDT is currently in an accumulation phase, which means that the price has been consolidating and trading within a relatively narrow range. This phase is characterized by lower volatility and indecision among traders as they wait for a clear direction in the market.
The daily resistance level at 0.719 is a significant price level that has been preventing the price from moving higher. As long as the price remains below this resistance level, it signifies that there is selling pressure at that price, which keeps the price contained within the accumulation range.
However, if the price manages to break above the 0.719 resistance level and sustains its movement beyond it, this could be considered a bullish breakout according to Plancton's Rules. A bullish breakout occurs when the price moves above a key resistance level, indicating a potential shift in market sentiment from bearish to bullish.
In accordance with Plancton's Rules, a new long position is suggested if the price successfully flips the resistance level. A long position involves buying the asset with the expectation that its price will rise. By initiating a long position after the breakout, traders aim to capitalize on the potential upward momentum and price appreciation that may follow.
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Follow the Shrimp 🦐
Keep in mind.
The daily resistance level at 0.719 is a significant price level that has been preventing the price from moving higher. As long as the price remains below this resistance level, it signifies that there is selling pressure at that price, which keeps the price contained within the accumulation range.
However, if the price manages to break above the 0.719 resistance level and sustains its movement beyond it, this could be considered a bullish breakout according to Plancton's Rules. A bullish breakout occurs when the price moves above a key resistance level, indicating a potential shift in market sentiment from bearish to bullish.
In accordance with Plancton's Rules, a new long position is suggested if the price successfully flips the resistance level. A long position involves buying the asset with the expectation that its price will rise. By initiating a long position after the breakout, traders aim to capitalize on the potential upward momentum and price appreciation that may follow.
–––––
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
I'm monitoring Sushi
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