ONEUSDT new bearish leg ahead?
ONEUSDT is currently testing a significant weekly support level. According to Plancton's trading principles, if the following conditions are met, a potential short trade could be considered:
Support Bounce: The first condition involves observing a bounce or price reaction from the weekly support level. This bounce indicates that the support level has held and that buyers have stepped in to prevent further decline.
Price Target: As you mentioned, the potential price target is at $0.011, which you've identified as a key level. This target could be based on various factors, including technical analysis, Fibonacci retracement levels, or previous price history.
Short Trade: If the price bounces from the weekly support but then fails to break above the $0.011 key level, traders following Plancton's strategy may consider opening a new short position. The expectation here is that the price might experience further downward pressure.
–––––
Follow the Shrimp 🦐
Keep in mind.
Support Bounce: The first condition involves observing a bounce or price reaction from the weekly support level. This bounce indicates that the support level has held and that buyers have stepped in to prevent further decline.
Price Target: As you mentioned, the potential price target is at $0.011, which you've identified as a key level. This target could be based on various factors, including technical analysis, Fibonacci retracement levels, or previous price history.
Short Trade: If the price bounces from the weekly support but then fails to break above the $0.011 key level, traders following Plancton's strategy may consider opening a new short position. The expectation here is that the price might experience further downward pressure.
–––––
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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.