Inside a Descending Channel: The current market situation involves ATOMUSDT being confined within a descending channel pattern. This pattern comprises two parallel trendlines: one functioning as resistance and the other as support. It suggests a potential continuation of the ongoing downtrend.
Potential Liquidity Grab at $9 Resistance: The analysis suggests the possibility of the price attracting new liquidity around the $9 area. This level was previously a support but has now transformed into resistance, as is often observed in technical analysis.
Plancton's Rules Application: Following the principles of Plancton's Rules and in alignment with the analysis, there's contemplation of a new short position. A short position entails selling the asset with the expectation of a price decrease.
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Follow the Shrimp 🦐
Keep in mind.
Potential Liquidity Grab at $9 Resistance: The analysis suggests the possibility of the price attracting new liquidity around the $9 area. This level was previously a support but has now transformed into resistance, as is often observed in technical analysis.
Plancton's Rules Application: Following the principles of Plancton's Rules and in alignment with the analysis, there's contemplation of a new short position. A short position entails selling the asset with the expectation of a price decrease.
–––––
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.