XRPUSDT is inside a massive descending channel
XRPUSDT has been creating a daily channel, indicating a period of consolidation and uncertainty in the market. However, after a bullish impulse, the market bounced off the 0.618 Fibonacci level, which is a common level of retracement in technical analysis.
This retracement suggests that buyers are still interested in entering the market and that there is strong support at this level. Furthermore, if the market is able to grab new liquidity from the 0.37$ area and break out of the descending channel, it would signal a potential shift in market sentiment from bearish to bullish.
If the market were to satisfy Plancton's Rules, which is a trading strategy that involves taking a long position when a market experiences a significant price increase, it could indicate that the market is gaining momentum and that there is strong bullish pressure in the market.
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Follow the Shrimp 🦐
Keep in mind.
This retracement suggests that buyers are still interested in entering the market and that there is strong support at this level. Furthermore, if the market is able to grab new liquidity from the 0.37$ area and break out of the descending channel, it would signal a potential shift in market sentiment from bearish to bullish.
If the market were to satisfy Plancton's Rules, which is a trading strategy that involves taking a long position when a market experiences a significant price increase, it could indicate that the market is gaining momentum and that there is strong bullish pressure in the market.
–––––
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.
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