On the daily timeframe, the price is currently testing a key level at 0.833, where it has previously found clear support. Meanwhile, on the 4-hour timeframe, the price is forming a pennant pattern.
A pennant is a bullish continuation pattern characterized by a converging trendline that forms a small symmetrical triangle shape. This indicates that the market is taking a breather and could continue the uptrend after a potential breakout. If the price breaks out above the upper trendline of the pennant, this could signal a potential long position according to Plancton's Rules.
However, if the price fails to hold the key support level at 0.833, this could potentially trigger a short position based on Plancton's Rules.
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Follow the Shrimp 🦐
Keep in mind.
A pennant is a bullish continuation pattern characterized by a converging trendline that forms a small symmetrical triangle shape. This indicates that the market is taking a breather and could continue the uptrend after a potential breakout. If the price breaks out above the upper trendline of the pennant, this could signal a potential long position according to Plancton's Rules.
However, if the price fails to hold the key support level at 0.833, this could potentially trigger a short position based on 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.
Comment:
the price is testing the key level
