ALGOUSDT indicates an interesting development based on Plancton's Rules.
After a breakout from a massive falling wedge pattern, ALGOUSDT has displayed a bullish move. The falling wedge pattern is characterized by converging trendlines with a downward slope, often indicating a period of consolidation and decreasing selling pressure. A breakout from this pattern suggests a potential shift in market sentiment towards a bullish bias.
Based on Plancton's Rules, there is a possibility that the price may retest the 0.618 Fibonacci level to grab new liquidity. The 0.618 Fibonacci level is a significant level based on Fibonacci retracement, which traders often use as a potential retracement level during an upward move. This retracement can create an opportunity for new market participants to enter long positions and provide additional liquidity to the market.
Traders following Plancton's Rules would be monitoring the price action around the 0.618 Fibonacci level and look for signs of a potential bounce or consolidation. This could serve as confirmation to initiate a new long position, anticipating a resumption of the bullish trend.
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Follow the Shrimp 🦐
Keep in mind.
After a breakout from a massive falling wedge pattern, ALGOUSDT has displayed a bullish move. The falling wedge pattern is characterized by converging trendlines with a downward slope, often indicating a period of consolidation and decreasing selling pressure. A breakout from this pattern suggests a potential shift in market sentiment towards a bullish bias.
Based on Plancton's Rules, there is a possibility that the price may retest the 0.618 Fibonacci level to grab new liquidity. The 0.618 Fibonacci level is a significant level based on Fibonacci retracement, which traders often use as a potential retracement level during an upward move. This retracement can create an opportunity for new market participants to enter long positions and provide additional liquidity to the market.
Traders following Plancton's Rules would be monitoring the price action around the 0.618 Fibonacci level and look for signs of a potential bounce or consolidation. This could serve as confirmation to initiate a new long position, anticipating a resumption of the bullish trend.
–––––
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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