AAVEUSDT needs to create a clear breakout to change the trendRetest of Weekly Level at $50: The current market situation involves AAVEUSDT retesting a critical weekly level around the $50 area. Weekly levels are notable historical price points that can have a significant impact on price movements.
Previous False Breakout and Head and Shoulders Pattern: The analysis indicates a prior occurrence of a false breakout and the formation of a head and shoulders pattern. The head and shoulders pattern comprises three peaks, with the middle peak (the "head") higher than the two flanking peaks (the "shoulders"). It often signifies a potential reversal from an uptrend to a downtrend.
Clear Breakout Zone: $60-$65: According to the analysis, for a potential long trade, the market needs to create a definitive breakout above the $60-$65 area. A breakout refers to a significant price movement above a key resistance level, indicating a potential shift to a bullish trend.
Plancton's Rules Application: In line with Plancton's Rules and aligned with the analysis, consideration is given to a new long position if the price successfully experiences the mentioned breakout. A long position involves acquiring the asset with the anticipation of its price increasing.
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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.
Follow the Shrimp 🦐
