MAGICUSDT is currently exhibiting a falling wedge pattern above the key weekly level at $0.4496. This pattern suggests a period of consolidation and potential trend reversal.
According to the trading principles associated with Plancton's strategy, a potential long trade could be considered if the following conditions are met:
Breakout from Resistance: The first condition involves a breakout from the $0.5313 resistance level. A clear and decisive move above this resistance would signify a significant upward movement in the price.
Confirmation of Support: After the breakout, it's crucial to see the former resistance level at $0.5313 hold as new support. This confirmation would indicate that the price is likely to continue its upward trajectory.
Falling Wedge Pattern: The falling wedge pattern itself is a bullish pattern. It often precedes a bullish breakout when the price narrows within the wedge and eventually breaks out to the upside.
If the price of MAGICUSDT satisfies these conditions, it would align with the rules outlined by Plancton's trading strategy. Traders who follow this approach may consider opening a new long position, anticipating further price appreciation.
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Follow the Shrimp 🦐
Keep in mind.
According to the trading principles associated with Plancton's strategy, a potential long trade could be considered if the following conditions are met:
Breakout from Resistance: The first condition involves a breakout from the $0.5313 resistance level. A clear and decisive move above this resistance would signify a significant upward movement in the price.
Confirmation of Support: After the breakout, it's crucial to see the former resistance level at $0.5313 hold as new support. This confirmation would indicate that the price is likely to continue its upward trajectory.
Falling Wedge Pattern: The falling wedge pattern itself is a bullish pattern. It often precedes a bullish breakout when the price narrows within the wedge and eventually breaks out to the upside.
If the price of MAGICUSDT satisfies these conditions, it would align with the rules outlined by Plancton's trading strategy. Traders who follow this approach may consider opening a new long position, anticipating further price appreciation.
–––––
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.