This upward momentum was met with a substantial rejection, indicating a potential reversal or pause in the bullish trend. Currently, the market is testing the daily key level around the $1 area, which holds considerable importance for price action.
The presence of liquidity below the $0.96 level suggests that the market may seek to fill this liquidity gap before potentially continuing its upward trajectory. This behavior aligns with Plancton's rules,which traders often reference to identify potential trading opportunities.
Based on this analysis, a short position could be considered as there is a possibility of a price decline or a pullback from the current levels. However, it is crucial to conduct further analysis, consider market sentiment, and use appropriate risk management strategies before making any trading decisions.
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Follow the Shrimp 🦐
Keep in mind.
The presence of liquidity below the $0.96 level suggests that the market may seek to fill this liquidity gap before potentially continuing its upward trajectory. This behavior aligns with Plancton's rules,which traders often reference to identify potential trading opportunities.
Based on this analysis, a short position could be considered as there is a possibility of a price decline or a pullback from the current levels. However, it is crucial to conduct further analysis, consider market sentiment, and use appropriate risk management strategies before making any trading decisions.
–––––
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.