IOTAUSDT ready for the breakout?
The price of IOTAUSDT is currently trading within a descending channel pattern on the daily timeframe. A descending channel is characterized by two parallel trendlines, where the upper trendline acts as resistance and the lower trendline acts as support. This pattern often indicates a potential continuation of the downtrend.
You mentioned that there's a possibility for the price to grab new liquidity, which generally implies that the price might experience a move to attract more buying interest or selling pressure around a specific price level.
In your analysis, you are waiting for a breakout above the resistance level at $0.19. A breakout occurs when the price convincingly moves above a significant resistance level, potentially signaling a shift in market sentiment from bearish to bullish.
According to Plancton's Rules, a new long position is suggested if the price successfully breaks out above the $0.19 resistance level. A long position involves buying the asset with the expectation that its price will rise, aligning with the potential bullish momentum indicated by the breakout.
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Follow the Shrimp 🦐
Keep in mind.
You mentioned that there's a possibility for the price to grab new liquidity, which generally implies that the price might experience a move to attract more buying interest or selling pressure around a specific price level.
In your analysis, you are waiting for a breakout above the resistance level at $0.19. A breakout occurs when the price convincingly moves above a significant resistance level, potentially signaling a shift in market sentiment from bearish to bullish.
According to Plancton's Rules, a new long position is suggested if the price successfully breaks out above the $0.19 resistance level. A long position involves buying the asset with the expectation that its price will rise, aligning with the potential bullish momentum indicated by the breakout.
–––––
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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