Falling Wedge Breakout: LITUSDT has experienced a breakout from a falling wedge pattern. Falling wedges are bullish reversal patterns characterized by converging trendlines, often indicating a potential trend reversal from a downtrend to an uptrend.
Retest of 0.618 Fibonacci Level: The price might be in the process of retesting the 0.618 Fibonacci retracement level. This level is derived from the Fibonacci sequence and is considered significant in technical analysis. Retests of such levels after a breakout are common and can act as potential support.
Potential Breakout and Impulse: According to your analysis, there's a possibility that the price might grab new liquidity and create a new breakout above the $0.75 area. If this occurs, it could potentially trigger a new bullish impulse that may push the price higher toward the $0.9 area.
Plancton's Rules Application: As per Plancton's Rules, you suggest that a new long position could be considered if the price manages to create the mentioned breakout and shows signs of bullish momentum.
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Follow the Shrimp 🦐
Keep in mind.
Retest of 0.618 Fibonacci Level: The price might be in the process of retesting the 0.618 Fibonacci retracement level. This level is derived from the Fibonacci sequence and is considered significant in technical analysis. Retests of such levels after a breakout are common and can act as potential support.
Potential Breakout and Impulse: According to your analysis, there's a possibility that the price might grab new liquidity and create a new breakout above the $0.75 area. If this occurs, it could potentially trigger a new bullish impulse that may push the price higher toward the $0.9 area.
Plancton's Rules Application: As per Plancton's Rules, you suggest that a new long position could be considered if the price manages to create the mentioned breakout and shows signs of bullish momentum.
–––––
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.