THETAUSDT's price chart shows that the pair is currently forming a falling wedge pattern on the demand zone.
This pattern is a bullish signal that suggests the possibility of a price reversal from the current downtrend.
Traders are waiting for a breakout of the falling wedge pattern to confirm the bullish signal. If the price breaks above the upper trendline of the pattern, it would indicate a potential trend reversal and could trigger buying pressure in the market.
After the breakout, the traders are anticipating a retest of the resistance level as a new support level, which would confirm the strength of the new bullish trend. The main resistance level for THETAUSDT is currently at 1.220 USDT, and if the price breaks above this level, it could signal the start of a significant price increase.
According to Plancton's rules, traders may consider entering a new long position once the breakout and retest occur. This means buying THETAUSDT with the expectation that the price will continue to rise.
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Follow the Shrimp 🦐
Keep in mind.
This pattern is a bullish signal that suggests the possibility of a price reversal from the current downtrend.
Traders are waiting for a breakout of the falling wedge pattern to confirm the bullish signal. If the price breaks above the upper trendline of the pattern, it would indicate a potential trend reversal and could trigger buying pressure in the market.
After the breakout, the traders are anticipating a retest of the resistance level as a new support level, which would confirm the strength of the new bullish trend. The main resistance level for THETAUSDT is currently at 1.220 USDT, and if the price breaks above this level, it could signal the start of a significant price increase.
According to Plancton's rules, traders may consider entering a new long position once the breakout and retest occur. This means buying THETAUSDT with the expectation that the price will continue to rise.
–––––
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.