ZILUSDT is creating a falling wedge
ZILUSDT, the market is showing a falling wedge pattern, which is a bullish chart pattern characterized by two converging trend lines that slope downwards. This pattern usually indicates that the asset is experiencing a period of consolidation, and that a breakout to the upside is likely to occur.
However, the market has lost its weekly support on the 0.029 $ area, which means that there is a risk of the price continuing to decline. In order for a new long position to be considered according to Plancton's rules, the price would need to create a breakout from the weekly resistance and then retest it as new support. This would confirm that the market has shifted from a bearish to a bullish trend.
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Follow the Shrimp 🦐
Keep in mind.
However, the market has lost its weekly support on the 0.029 $ area, which means that there is a risk of the price continuing to decline. In order for a new long position to be considered according to Plancton's rules, the price would need to create a breakout from the weekly resistance and then retest it as new support. This would confirm that the market has shifted from a bearish to a bullish trend.
–––––
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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