SUSHIUSDT is inside the descending channel

2023년 2월 7일

Sushi has had a remarkable performance, delivering a gain of over 32% after a clear breakout from the daily resistance.
Currently, the price is forming a descending channel on the daily chart.
The descending channel acts as a potential bearish reversal pattern, indicating a potential downward trend in price.

A descending channel is a technical analysis pattern that occurs when the price of an asset moves lower within two downward-sloping parallel lines. It is considered a bearish reversal pattern that suggests a potential downward trend in the price of the asset. Traders often use the descending channel to identify sell signals and set stop-loss orders. It is important to monitor the price action closely, as a clear breakout from the channel can indicate a potential change in trend.

we will be closely monitoring the price action and waiting for a clear breakout from the descending channel to apply Plancton's Rules and determine the next trading opportunity


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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.
  

Follow the Shrimp 🦐

2023년 2월 7일

노트

Waiting for the breakout

2023년 2월 8일

노트

We are Waiting for the breakout!