it appears that the price of ARUSDT is testing a key support level at the $8 area, where it is creating a pennant pattern on the 4-hour timeframe.
The pennant pattern is characterized by two converging trend lines that form a triangle shape, with the upper trend line representing the resistance level and the lower trend line representing the support level. This pattern often indicates a period of consolidation before the price moves in the direction of the previous trend.
The $7 weekly key level is also an important level to monitor as it may provide additional support for the price. If the price loses the support level of the pennant and breaks below the $7 key level, traders may consider setting a short order according to Plancton's strategy. The $7 level may serve as a potential target for the short order.
–––––
Follow the Shrimp 🦐
Keep in mind.
The pennant pattern is characterized by two converging trend lines that form a triangle shape, with the upper trend line representing the resistance level and the lower trend line representing the support level. This pattern often indicates a period of consolidation before the price moves in the direction of the previous trend.
The $7 weekly key level is also an important level to monitor as it may provide additional support for the price. If the price loses the support level of the pennant and breaks below the $7 key level, traders may consider setting a short order according to Plancton's strategy. The $7 level may serve as a potential target for the short order.
–––––
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.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.