KNCUSDT pullback on 0.618 Fibonacci level?
KNCUSDT had a rejection from the daily resistance at 0.84$ area where the market has a clear supply. This rejection indicates that there was not enough buying pressure to sustain the price above the 0.84$ level, leading to a potential price reversal.
According to technical analysis, the market has lost dynamic support on the 4-hour timeframe, which suggests that selling pressure is increasing. As a result, we could see a new pullback around the 0.618 Fibonacci level, which is a common retracement level for price corrections.
As per Plancton's Rules, new short positions may be considered once the price breaks below the 0.618 Fibonacci level.
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Follow the Shrimp 🦐
Keep in mind.
According to technical analysis, the market has lost dynamic support on the 4-hour timeframe, which suggests that selling pressure is increasing. As a result, we could see a new pullback around the 0.618 Fibonacci level, which is a common retracement level for price corrections.
As per Plancton's Rules, new short positions may be considered once the price breaks below the 0.618 Fibonacci 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.
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