CTSIUSDT wants a pullback? Recently, the price of CTSIUSDT encountered a significant resistance level on the daily chart. This resistance proved to be formidable, leading to a rejection of higher prices as buyers struggled to push the price beyond that level.
As a result of the rejection from the daily resistance, there is now a possibility of a pullback in the market. A pullback refers to a temporary reversal of the prevailing trend, in this case, a potential decline in CTSIUSDt's price. Traders and investors might be cautious, as this pullback could signal a period of consolidation or a shift in market sentiment.
Based on Plancton's trading rules, which are likely a set of technical analysis guidelines and strategies, a new short position could be considered. A short position is a trading stance where the trader expects the price to decline further. In this context, it means that according to Plancton's rules, there is a suggestion to take a bearish position on CTSIUSDT, speculating that the price will continue to move downwards.
The next potential target for this short position is the daily support level around the $0.135 area. A support level is a price level where there is historically strong buying interest, causing the price to reverse its downward movement or at least stall temporarily. If the market adheres to historical patterns, there might be a higher probability of the price finding support around $0.135.
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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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