EGLDUSDT is currently testing the monthly support level within the confines of a falling weekly wedge pattern.
A falling wedge is a bullish chart pattern characterized by converging trendlines with the upper boundary sloping downwards at a steeper angle than the lower boundary. This pattern often indicates a potential bullish reversal when the price breaks out above the upper boundary.
The current market conditions suggest that there is a possibility for the price to find new liquidity around the $31 price zone. This could occur due to a combination of factors such as historical support levels or psychological price levels that attract buyers to enter the market.
Considering Plancton's strategy, a pullback to the 0.5 Fibonacci level is anticipated after finding new liquidity at the $31 zone. The 0.5 Fibonacci level is significant as it represents a common retracement level in technical analysis, and it is often considered a potential area for the price to bounce back from before resuming its upward movement.
Additionally, the price has previously experienced a clear breakout of dynamic support, further reinforcing the significance of the 0.5 Fibonacci level as a potential support area.
According to Plancton's strategy, based on the observed market conditions and price action, setting a long order at the anticipated 0.5 Fibonacci support level could be a favorable trade setup. A long order involves buying the asset with the expectation that the price will rise, aligning with the potential bullish reversal indicated by the falling weekly wedge pattern.
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Follow the Shrimp 🦐
Keep in mind.
A falling wedge is a bullish chart pattern characterized by converging trendlines with the upper boundary sloping downwards at a steeper angle than the lower boundary. This pattern often indicates a potential bullish reversal when the price breaks out above the upper boundary.
The current market conditions suggest that there is a possibility for the price to find new liquidity around the $31 price zone. This could occur due to a combination of factors such as historical support levels or psychological price levels that attract buyers to enter the market.
Considering Plancton's strategy, a pullback to the 0.5 Fibonacci level is anticipated after finding new liquidity at the $31 zone. The 0.5 Fibonacci level is significant as it represents a common retracement level in technical analysis, and it is often considered a potential area for the price to bounce back from before resuming its upward movement.
Additionally, the price has previously experienced a clear breakout of dynamic support, further reinforcing the significance of the 0.5 Fibonacci level as a potential support area.
According to Plancton's strategy, based on the observed market conditions and price action, setting a long order at the anticipated 0.5 Fibonacci support level could be a favorable trade setup. A long order involves buying the asset with the expectation that the price will rise, aligning with the potential bullish reversal indicated by the falling weekly wedge pattern.
–––––
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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