KNCUSDT is testing the key level
KNCUSDT broke below its ascending channel , indicating a potential shift in the market trend. This move also tested the support level , which has held up so far, but the market is waiting for a breakout to confirm the direction of the trend.
Applying Plancton's Rules, a set of trading guidelines, may be helpful in evaluating the potential for a new short position. These rules include considering the context of the market, looking for confirmation of a trend change, and setting stop loss orders to manage risk.
Given the recent price action, a short position on KNCUSDT may be considered if the support level is broken, and the market confirms a downtrend. –––––
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 🦐
Applying Plancton's Rules, a set of trading guidelines, may be helpful in evaluating the potential for a new short position. These rules include considering the context of the market, looking for confirmation of a trend change, and setting stop loss orders to manage risk.
Given the recent price action, a short position on KNCUSDT may be considered if the support level is broken, and the market confirms a downtrend. –––––
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 🦐
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