Currently, the price of FTMUSDT is attempting to break out of a descending channel after a clear retest of the 0.5 Fibonacci level.
A descending channel is a technical pattern in which the price of an asset moves downwards between two parallel trend lines. The upper trend line acts as a resistance level, while the lower trend line acts as a support level. The descending channel is a bearish pattern that indicates that the price of the asset is in a downtrend.
In the case of FTMUSDT, the descending channel is a long-term pattern that has been in place for several weeks. The upper trend line has acted as a strong resistance level, with the price repeatedly being rejected at this level. The lower trend line has acted as a support level, with the price bouncing off this level multiple times.
After a clear retest of the 0.5 Fibonacci level, which is a key support level, the price of FTMUSDT is now attempting to break out of the descending channel. A breakout is a technical pattern in which the price of an asset moves above a resistance level, indicating that the bullish momentum has taken over the bearish momentum.
If the price of FTMUSDT is able to break out of the descending channel and create a higher high, this would be a signal to apply Plancton's rules and consider taking a new long position.
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Follow the Shrimp 🦐
Keep in mind.
A descending channel is a technical pattern in which the price of an asset moves downwards between two parallel trend lines. The upper trend line acts as a resistance level, while the lower trend line acts as a support level. The descending channel is a bearish pattern that indicates that the price of the asset is in a downtrend.
In the case of FTMUSDT, the descending channel is a long-term pattern that has been in place for several weeks. The upper trend line has acted as a strong resistance level, with the price repeatedly being rejected at this level. The lower trend line has acted as a support level, with the price bouncing off this level multiple times.
After a clear retest of the 0.5 Fibonacci level, which is a key support level, the price of FTMUSDT is now attempting to break out of the descending channel. A breakout is a technical pattern in which the price of an asset moves above a resistance level, indicating that the bullish momentum has taken over the bearish momentum.
If the price of FTMUSDT is able to break out of the descending channel and create a higher high, this would be a signal to apply Plancton's rules and consider taking a new long position.
–––––
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.