OGNUSDT is testing the descending channel below the static resistance level.
A descending channel is a technical analysis pattern that consists of two downward sloping trendlines. The upper trendline represents resistance, while the lower trendline represents support. In this case, the price of OGNUSDT is testing the lower trendline of the descending channel, which indicates a bearish trend.
Additionally, the static resistance level indicates an area where sellers are likely to take control of the price, making it difficult for buyers to push the price higher. If the price of OGNUSDT breaks above this level, it could signify a shift in momentum and the potential for a bullish trend.
To confirm a bullish trend, traders would need to wait for a breakout from the descending channel that satisfies Plancton's rules. Plancton's rules are a set of technical analysis guidelines that aim to identify high-probability trading opportunities. These rules include looking for strong trends, clear price patterns, and confirmation.
In summary, the current situation for OGNUSDT suggests a bearish trend within a descending channel below the static resistance level. Traders should watch for a breakout from the descending channel that satisfies Plancton's rules before entering a long position.
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Follow the Shrimp 🦐
Keep in mind.
A descending channel is a technical analysis pattern that consists of two downward sloping trendlines. The upper trendline represents resistance, while the lower trendline represents support. In this case, the price of OGNUSDT is testing the lower trendline of the descending channel, which indicates a bearish trend.
Additionally, the static resistance level indicates an area where sellers are likely to take control of the price, making it difficult for buyers to push the price higher. If the price of OGNUSDT breaks above this level, it could signify a shift in momentum and the potential for a bullish trend.
To confirm a bullish trend, traders would need to wait for a breakout from the descending channel that satisfies Plancton's rules. Plancton's rules are a set of technical analysis guidelines that aim to identify high-probability trading opportunities. These rules include looking for strong trends, clear price patterns, and confirmation.
In summary, the current situation for OGNUSDT suggests a bearish trend within a descending channel below the static resistance level. Traders should watch for a breakout from the descending channel that satisfies Plancton's rules before entering a long position.
–––––
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:
no breakout no trade
