APTUSDT wants the breakout?APTUSDT indicates that the market is testing a resistance level on the 4-hour chart. This resistance level is significant because it comes after a breakout from a daily descending channel.
The descending channel is a technical chart pattern that shows a downtrend in the market. It is characterized by a series of lower highs and lower lows, forming a channel with parallel trendlines. In the case of APTUSDT, the breakout from the descending channel suggests that the bearish trend may be losing momentum.
On the weekly timeframe, the price of APTUSDT bounced off of the 0.618 Fibonacci level. This level is a significant area of support and is often used by traders to identify potential buying opportunities.
If the price manages to create a clear breakout above the $13 resistance level, according to Plancton's Rules, a popular technical analysis strategy, it would be a signal to enter a long position. This means that traders could consider buying APTUSDT if the price breaks out of the resistance level and shows signs of continuing upward momentum.
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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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