XRPUSDT is creating a descending channel

23 Şub 2022

The price got a rejection from the daily resistance on 0.9$ after a breakout from the daily descending channel. The price lost the weekly support as well on 0.75$

On 4h Timeframe the price is creating a descending channel below the key level and the market is testing the 0.618 Fibonacci level

How to approach?
We are monitoring the price action if the price is going to have a breakout from the descending channel and the weekly resistance According to Plancton's strategy, we can set a nice order
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Keep in mind.

• 🟣 Purple structure -> Monthly structure.
  
• 🔴 Red structure -> Weekly structure.
  
• 🔵 Blue structure -> Daily structure.
  
• 🟡 Yellow structure -> 4h structure.
  

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Follow the Shrimp 🦐

23 Şub 2022

Not

The price is creating a descending channel below the weekly resistance on the 0.75$
We are waiting for the breakout and retest it for applying our rules for a new long position

23 Şub 2022

Not

The price needs to have a breakout from the weekly resistance for a new bull scenario