XRP / TetherUSUpdated XRPUSDT is creating a descending channel
XRPUSDT had a false breakout from the weekly resistance at the 0.54$ area. A false breakout occurs when the price briefly breaks above a key level of resistance, but then quickly falls back below it, indicating that the breakout was not genuine.
Currently, the market is testing the 0.5 Fibonacci level on the 4-hour timeframe. Fibonacci retracement levels are used by traders to identify potential levels of support or resistance in a market, based on the proportion of the price move being analyzed.
Furthermore, the price of XRPUSDT is creating a descending channel. A descending channel is a technical analysis pattern that occurs when the price action is contained within two parallel lines sloping downwards. This indicates that the market is in a downtrend, with lower highs and lower lows.
If the price of XRPUSDT is going to have a breakout, according to Plancton's Rules, new long positions may be considered. Plancton's Rules is a trading strategy that involves waiting for a breakout of a key level of support or resistance, and then entering a position in the direction of the breakout.
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Follow the Shrimp 🦐
Keep in mind.
Currently, the market is testing the 0.5 Fibonacci level on the 4-hour timeframe. Fibonacci retracement levels are used by traders to identify potential levels of support or resistance in a market, based on the proportion of the price move being analyzed.
Furthermore, the price of XRPUSDT is creating a descending channel. A descending channel is a technical analysis pattern that occurs when the price action is contained within two parallel lines sloping downwards. This indicates that the market is in a downtrend, with lower highs and lower lows.
If the price of XRPUSDT is going to have a breakout, according to Plancton's Rules, new long positions may be considered. Plancton's Rules is a trading strategy that involves waiting for a breakout of a key level of support or resistance, and then entering a position in the direction of the breakout.
–––––
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
Waiting for it Note
Accumulation as expectedNote
Waiting for more volumeNote
The price is testing the Weekly level
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