ICXUSDT is currently exhibiting a descending channel pattern. A descending channel is characterized by a series of lower highs and lower lows, indicating a bearish trend.
According to Plancton's rules, a potential trading strategy could involve waiting for a breakout from the descending channel before considering a new long position. A breakout occurs when the price breaks above the upper trendline of the descending channel, suggesting a potential shift in market sentiment and a possible reversal of the bearish trend.
However, it's important to exercise caution and confirm the breakout with additional technical indicators or price action analysis before entering a long position. False breakouts can occur, so it's crucial to verify the validity of the breakout signal.
Once a valid breakout is confirmed, a new long position could be considered based on Plancton's rules. This implies that the trader expects the price to reverse its bearish momentum and potentially enter an uptrend.
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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.
Comment:
The price is testing the resistance
