DOT / TetherUSAtualizado DOTUSDT Wants the Weekly support?
DOTUSDT is currently undergoing an interesting market phase. The price action is testing a significant key level at $5,200, which is acting as a daily support level. This level has historically shown its importance as a support zone, attracting buyers and potentially triggering bullish momentum.
Furthermore, the market is forming a pennant pattern. A pennant is a consolidation pattern that resembles a small symmetrical triangle, characterized by converging trendlines. The pattern indicates a temporary pause in the market's trend, usually following a significant price movement. In this case, the pennant is forming as the market tests the key level at $5,200.
According to Plancton's rules, a potential trading scenario could involve waiting for a breakout from the support level. If the price successfully breaks below the support and retests it as new resistance, it could signal a bearish continuation. In such a scenario, the market could potentially retest the weekly support level around the $4.6 area.
Based on Plancton's principles, a new short position could be considered if the price exhibits the aforementioned breakout and subsequent retest of the support-turned-resistance level.
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Follow the Shrimp 🦐
Keep in mind.
Furthermore, the market is forming a pennant pattern. A pennant is a consolidation pattern that resembles a small symmetrical triangle, characterized by converging trendlines. The pattern indicates a temporary pause in the market's trend, usually following a significant price movement. In this case, the pennant is forming as the market tests the key level at $5,200.
According to Plancton's rules, a potential trading scenario could involve waiting for a breakout from the support level. If the price successfully breaks below the support and retests it as new resistance, it could signal a bearish continuation. In such a scenario, the market could potentially retest the weekly support level around the $4.6 area.
Based on Plancton's principles, a new short position could be considered if the price exhibits the aforementioned breakout and subsequent retest of the support-turned-resistance level.
–––––
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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