XRPUSDT is still in accumulation phase
XRPUSDT has been in an accumulation phase for an extended period, specifically 371 days, within the price range of 0.53 and 0.29. Accumulation typically indicates a period of consolidation and potential accumulation of positions by market participants.
Currently, a new descending channel has formed on the daily timeframe. A descending channel is characterized by a series of lower highs and lower lows, indicating a bearish trend. The formation of this descending channel suggests that the market has been experiencing downward pressure.
According to Plancton's rules, a potential trading opportunity could arise if there is a breakout from the descending channel. A breakout occurs when the price successfully breaks above the upper trendline of the channel, potentially signaling a shift in market sentiment and a potential reversal of the bearish trend.
Once a valid breakout from the descending channel is confirmed, traders following Plancton's rules may consider opening a new long position, anticipating a potential reversal and an upward trend.
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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.
Komentarz:
Waiting for the clear breakout
Komentarz:
Waiting for the rest
Komentarz:
12%
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