HIGHUSDT, on the daily timeframe, an intriguing pattern called the inverse head and shoulders is forming, indicating a potential trend reversal from bearish to bullish. This pattern is characterized by three distinct lows, with the middle low being the lowest point, resembling a head, and the other two forming the shoulders.
After reaching a price level of $1.4, the price of HIGHUSDT experienced a strong bounce, suggesting a significant support area around this level. This rebound adds further significance to the potential bullish reversal signaled by the inverse head and shoulders pattern.
Furthermore, there is another technical formation called a falling wedge taking shape in the price chart. This wedge pattern is characterized by converging trendlines, with the upper trendline sloping downwards and the lower trendline sloping upwards. It typically represents a period of consolidation before a potential breakout.
According to the renowned trader Plancton's rules, a new long position would be initiated if the price manages to break out from the upper trendline of the falling wedge. This breakout would indicate a potential surge in bullish momentum and could provide an opportunity for traders to enter long positions, expecting the price to rise further.
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Follow the Shrimp 🦐
Keep in mind.
After reaching a price level of $1.4, the price of HIGHUSDT experienced a strong bounce, suggesting a significant support area around this level. This rebound adds further significance to the potential bullish reversal signaled by the inverse head and shoulders pattern.
Furthermore, there is another technical formation called a falling wedge taking shape in the price chart. This wedge pattern is characterized by converging trendlines, with the upper trendline sloping downwards and the lower trendline sloping upwards. It typically represents a period of consolidation before a potential breakout.
According to the renowned trader Plancton's rules, a new long position would be initiated if the price manages to break out from the upper trendline of the falling wedge. This breakout would indicate a potential surge in bullish momentum and could provide an opportunity for traders to enter long positions, expecting the price to rise further.
–––––
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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