SANDUSDT needs to reload the long positions
SANDUSDT is currently trading near the monthly level at 0.81$, with the market forming a descending channel between the resistance and the 0.5 Fibonacci level.
The price is being closely monitored and it is expected to bounce from the 0.61$ area where the market could attract new liquidity.
On the left we can see how the price had a breakout from the falling wedge exactly on the weekly support
A falling wedge is a chart pattern that occurs in a downward trending market and is characterized by a series of lower highs and lower lows that are converging towards a common point.
This creates a wedge-like shape on the chart that slopes downward.
A clear breakout from the falling wedge typically indicates a reversal of the downward trend and a potential increase in price.
The price is being closely monitored and it is expected to bounce from the 0.61$ area where the market could attract new liquidity.
On the left we can see how the price had a breakout from the falling wedge exactly on the weekly support
A falling wedge is a chart pattern that occurs in a downward trending market and is characterized by a series of lower highs and lower lows that are converging towards a common point.
This creates a wedge-like shape on the chart that slopes downward.
A clear breakout from the falling wedge typically indicates a reversal of the downward trend and a potential increase in price.
Comment:
Comment:
the price is following my arrow
Comment:
The price is following the descending channel
The Descending Channel is a bearish chart pattern in technical analysis that occurs when the price of an asset moves lower within two downward sloping, parallel trendlines. The trendlines connect a series of highs and lows, forming a channel shape on the price chart. The pattern signals a downtrend and indicates that the price may continue to decrease in the future. Traders often look for price breakouts below the lower trendline or breakdowns from the channel pattern to confirm the downtrend and to enter short positions. However, it is important to consider other market factors and use proper risk management strategies when making trading decisions.
The Descending Channel is a bearish chart pattern in technical analysis that occurs when the price of an asset moves lower within two downward sloping, parallel trendlines. The trendlines connect a series of highs and lows, forming a channel shape on the price chart. The pattern signals a downtrend and indicates that the price may continue to decrease in the future. Traders often look for price breakouts below the lower trendline or breakdowns from the channel pattern to confirm the downtrend and to enter short positions. However, it is important to consider other market factors and use proper risk management strategies when making trading decisions.
Comment:
Still inside the descending channel