FLOWUSDT wants the breakout?
FLOWUSDT is undergoing an intriguing technical pattern, presenting an interesting trading opportunity.
Currently, the price of FLOWUSDT is testing a crucial weekly resistance level situated at $0.65. This level has proven to be a significant barrier for the price in the past, creating a challenging hurdle for the cryptocurrency to overcome. Traders and investors are closely monitoring this level as a breakout could signify a bullish trend reversal.
Zooming in on the daily chart, we observe the presence of a falling wedge pattern. A falling wedge is a bullish chart formation characterized by converging trendlines with a downward slope. This pattern typically indicates a period of consolidation and decreasing selling pressure. The lower trendline represents the support level, while the upper trendline acts as the resistance level. As the price approaches the apex of the wedge, traders anticipate a breakout to occur, which often leads to a significant upward move.
Simultaneously, on the 4-hour chart, an ascending channel pattern is apparent. This pattern is characterized by parallel upward-sloping trendlines that confine the price action. The lower trendline serves as support, while the upper trendline acts as resistance. The price of FLOWUSDT has been consistently adhering to these trendlines, indicating a bullish bias.
In line with Plancton's rules, traders following this strategy would be seeking a clear breakout above the weekly resistance level at $0.65 as confirmation for a potential long trade. A breakout occurs when the price convincingly breaches the resistance level, accompanied by an increase in trading volume, signaling a surge in bullish momentum. This breakout would provide a strong indication that FLOWUSDT is likely to experience an upward price movement, presenting an opportunity for traders to enter a long position.
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Follow the Shrimp 🦐
Keep in mind.
Currently, the price of FLOWUSDT is testing a crucial weekly resistance level situated at $0.65. This level has proven to be a significant barrier for the price in the past, creating a challenging hurdle for the cryptocurrency to overcome. Traders and investors are closely monitoring this level as a breakout could signify a bullish trend reversal.
Zooming in on the daily chart, we observe the presence of a falling wedge pattern. A falling wedge is a bullish chart formation characterized by converging trendlines with a downward slope. This pattern typically indicates a period of consolidation and decreasing selling pressure. The lower trendline represents the support level, while the upper trendline acts as the resistance level. As the price approaches the apex of the wedge, traders anticipate a breakout to occur, which often leads to a significant upward move.
Simultaneously, on the 4-hour chart, an ascending channel pattern is apparent. This pattern is characterized by parallel upward-sloping trendlines that confine the price action. The lower trendline serves as support, while the upper trendline acts as resistance. The price of FLOWUSDT has been consistently adhering to these trendlines, indicating a bullish bias.
In line with Plancton's rules, traders following this strategy would be seeking a clear breakout above the weekly resistance level at $0.65 as confirmation for a potential long trade. A breakout occurs when the price convincingly breaches the resistance level, accompanied by an increase in trading volume, signaling a surge in bullish momentum. This breakout would provide a strong indication that FLOWUSDT is likely to experience an upward price movement, presenting an opportunity for traders to enter a long position.
–––––
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.
Feragatname
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