As per the previous idea, ETHUSDT had a nice impulse, indicating a potential uptrend in the market. Currently, the price is creating a pennant on a weekly key level, which is a significant level for traders to watch out for.
A pennant is a technical chart pattern that is formed when there is a sharp price movement, followed by a consolidation phase and then a continuation of the initial price trend. The pennant looks like a triangle, where the price moves in a narrowing range, forming the shape of a flag or a pennant.
In this case, we can see that the price of ETHUSDT is forming a pennant on a weekly key level, which indicates a potential continuation of the uptrend. Traders often look for pennants as a potential buying opportunity, as it may lead to a sharp price movement in the direction of the initial trend.
As we can see from the chart, the price of ETHUSDT has grabbed liquidity from the 1500$ area, indicating a strong buying interest in the market. Now, we are waiting for the next distribution, which may lead to a potential breakout of the pennant pattern.
If the price breaks out of the pennant pattern with a significant volume and then retests the same level, it may indicate a potential buying opportunity, according to Plancton's rules.
––––– 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 🦐
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Waiting for the breakout
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Everything was as expected! A daily close above 1700 could be a good sign!