BNBUSDT needs to hold the current support
BNBUSDT has lost its dynamic support, which is a technical analysis term that refers to a trend line drawn along a series of recent lows that act as a support level for the price.
A dynamic support line is created by connecting at least two lows of the price with a straight line, and as the price moves lower, the line is adjusted to connect with the new lows. When the price falls below the dynamic support line, it suggests that the trend may be changing from bullish to bearish.
In addition to losing its dynamic support, the price of BNBUSDT has also retested the 0.5 Fibonacci level as resistance on the static resistance. A static resistance level is a price point where there is a significant amount of supply, meaning that sellers are likely to enter the market and push the price down.
Currently, the price of BNBUSDT is testing the daily support level, which is a price point where there is a significant amount of demand, meaning that buyers are likely to enter the market and push the price up. However, if the price breaks below this level, it could continue to the downside.
If the price of BNBUSDT meets Plancton's rules, which are a set of trading rules based on price action and market psychology, it could signal a good opportunity to open a short position, which is a bet that the price will continue to fall.
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Follow the Shrimp 🦐
Keep in mind.
A dynamic support line is created by connecting at least two lows of the price with a straight line, and as the price moves lower, the line is adjusted to connect with the new lows. When the price falls below the dynamic support line, it suggests that the trend may be changing from bullish to bearish.
In addition to losing its dynamic support, the price of BNBUSDT has also retested the 0.5 Fibonacci level as resistance on the static resistance. A static resistance level is a price point where there is a significant amount of supply, meaning that sellers are likely to enter the market and push the price down.
Currently, the price of BNBUSDT is testing the daily support level, which is a price point where there is a significant amount of demand, meaning that buyers are likely to enter the market and push the price up. However, if the price breaks below this level, it could continue to the downside.
If the price of BNBUSDT meets Plancton's rules, which are a set of trading rules based on price action and market psychology, it could signal a good opportunity to open a short position, which is a bet that the price will continue to fall.
–––––
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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