Descending Channel Formation: The current market situation involves ATOMUSDT forming a descending channel pattern on the daily timeframe. A descending channel consists of two parallel trendlines, one functioning as resistance and the other as support. This pattern suggests a potential continuation of the ongoing downtrend.
Key Level Loss: The analysis indicates that the price of ATOMUSDT has moved below a significant level around the $9 area. These levels are noteworthy due to their historical influence on price movements.
Retest and Potential Resistance at $9: There exists the possibility of a retest of the $9 area, which was previously breached. In technical analysis, former support levels can assume the role of new resistance levels after they are crossed.
Retest of Old $6 Area: The analysis also suggests the potential for a revisit to the previous $6 area. This scenario could entail a further downward movement in the price.
Plancton's Rules Application: Following Plancton's Rules and aligned with the analysis, a consideration of a new short position is in place. A short position entails selling the asset with the expectation of a decline in its value.
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Follow the Shrimp 🦐
Keep in mind.
Key Level Loss: The analysis indicates that the price of ATOMUSDT has moved below a significant level around the $9 area. These levels are noteworthy due to their historical influence on price movements.
Retest and Potential Resistance at $9: There exists the possibility of a retest of the $9 area, which was previously breached. In technical analysis, former support levels can assume the role of new resistance levels after they are crossed.
Retest of Old $6 Area: The analysis also suggests the potential for a revisit to the previous $6 area. This scenario could entail a further downward movement in the price.
Plancton's Rules Application: Following Plancton's Rules and aligned with the analysis, a consideration of a new short position is in place. A short position entails selling the asset with the expectation of a decline in its value.
–––––
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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