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InkyGrip
Jul 30, 2022 9:28 AM

AVAXUSDT is creating a pennant Long

BINANCE:AVAXUSDT240
AVAX / TetherUSBinance

Description

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The price got a rejection from the dynamic resistance te 26$ and now the market is trying to create a breakout from the static resistance.

How to approach it?
IF the price is going to create a clear breakout, According to Plancton's strategy, we can set a nice order
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Keep in mind.
  • 🟣 Purple structure -> Monthly structure.
  • 🔴 Red structure -> Weekly structure.
  • 🔵 Blue structure -> Daily structure.
  • 🟡 Yellow structure -> 4h structure.

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Follow the Shrimp 🦐

Comment

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We need to wait for a clear breakout from here and apply our rules for a new long position.

Comment

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The price is inside a pennant, wait for the breakout

Comment

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The price is testing the weekly resistance.
If the market is going to grab the liquidity, we could see a new breakout from the pennant

Comment

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The price wants the breakout from the pennant! 🧐

Comment

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BOOM!

6% as I told you

Comment

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🚨 12% since my idea
Trend AnalysisHarmonic PatternsChart Patterns
Comments
Shotokhan
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interesting, but volume is decreasing, do you think it's jsut a contraction before a breakout?
InkyGrip
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@Shotokhan, hello, during the weekend the volume decreases. I'd like to see a clear breakout with volume before applying my rules. Now Avax is in my watchlist
Shotokhan
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@plancton0618, in this period I've very little time to trade however I've shorted for so much time that I find difficult to trust a simple bullish chart pattern ahahah
InkyGrip
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@Shotokhan, the macro picture (crypto) is still bearish
Shotokhan
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@plancton0618, I agree, that's why I'm still wary of longing but I wanted to exploit this bullish momentum and I found out I don't trust longing.... it's probably that I'm too much used to see find bearish signs on a chart and I can't see the long ones
InkyGrip
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@Shotokhan, the main trend is always a good hint to set a position
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