XRPUSDT has been in an accumulation phase for an extended period, specifically 371 days, within the price range of 0.53 and 0.29. Accumulation typically indicates a period of consolidation and potential accumulation of positions by market participants.
Currently, a new descending channel has formed on the daily timeframe. A descending channel is characterized by a series of lower highs and lower lows, indicating a bearish trend. The formation of this descending channel suggests that the market has been experiencing downward pressure.
According to Plancton's rules, a potential trading opportunity could arise if there is a breakout from the descending channel. A breakout occurs when the price successfully breaks above the upper trendline of the channel, potentially signaling a shift in market sentiment and a potential reversal of the bearish trend.
Once a valid breakout from the descending channel is confirmed, traders following Plancton's rules may consider opening a new long position, anticipating a potential reversal and an upward trend.
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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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Waiting for the clear breakout
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Waiting for the rest
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12%
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