A pennant is a technical pattern in financial markets that is formed after a strong price move and is characterized by converging trend lines, creating a triangular shape. It is a continuation pattern, meaning it signals a potential continuation of the prior trend once a breakout occurs.
In the case of ALICEUSDT, the recent bounce from the daily support and the testing of resistance inside a pennant suggest that the market is in a period of consolidation. We are waiting for a potential breakout from the pennant to confirm the continuation of the prior trend. Upon a successful breakout, Plancton's rules can be applied to make informed trading decisions. The next target for the price could be the next daily resistance, around 2.2$, so According to Plancton's strategy, we can set a nice order
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Keep in mind.
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Follow the Shrimp 🦐
In the case of ALICEUSDT, the recent bounce from the daily support and the testing of resistance inside a pennant suggest that the market is in a period of consolidation. We are waiting for a potential breakout from the pennant to confirm the continuation of the prior trend. Upon a successful breakout, Plancton's rules can be applied to make informed trading decisions. The next target for the price could be the next daily resistance, around 2.2$, so According to Plancton's strategy, we can set a nice order
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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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Follow the Shrimp 🦐
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