ETHUSDT wants a pullback?
ETHUSDT is currently trading inside a pennant pattern, displaying a consolidation phase after a previous bullish move. The price action has formed a series of higher lows and lower highs, forming a symmetrical triangle. The support level lies beneath the pennant pattern, indicating a strong foundation for the asset.
Traders are closely monitoring this setup as the price approaches a critical juncture. The potential for the price to break out of the pennant pattern and retest the 0.618 Fibonacci level as resistance presents a compelling trading opportunity.
According to Plancton's Rules, a new long position may be considered if the price successfully breaks out above the pennant's upper trendline, which could be a sign of a bullish continuation. In such a scenario, traders may seek new liquidity and aim for a retest of the 0.618 Fibonacci level as a resistance turned potential support level.
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Follow the Shrimp 🦐
Keep in mind.
Traders are closely monitoring this setup as the price approaches a critical juncture. The potential for the price to break out of the pennant pattern and retest the 0.618 Fibonacci level as resistance presents a compelling trading opportunity.
According to Plancton's Rules, a new long position may be considered if the price successfully breaks out above the pennant's upper trendline, which could be a sign of a bullish continuation. In such a scenario, traders may seek new liquidity and aim for a retest of the 0.618 Fibonacci level as a resistance turned potential support 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.
כתב ויתור
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