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.
–––––
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.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.