SUSHIUSDT is inside the descending channelSushi has had a remarkable performance, delivering a gain of over 32% after a clear breakout from the daily resistance.
Currently, the price is forming a descending channel on the daily chart.
The descending channel acts as a potential bearish reversal pattern, indicating a potential downward trend in price.
A descending channel is a technical analysis pattern that occurs when the price of an asset moves lower within two downward-sloping parallel lines. It is considered a bearish reversal pattern that suggests a potential downward trend in the price of the asset. Traders often use the descending channel to identify sell signals and set stop-loss orders. It is important to monitor the price action closely, as a clear breakout from the channel can indicate a potential change in trend.
we will be closely monitoring the price action and waiting for a clear breakout from the descending channel to apply Plancton's Rules and determine the next trading opportunity
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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 🦐
