ETHUSDT is in Accumulation phase
Updated
ETHUSDT is in Accumulation phase
A descending channel is a technical chart pattern that occurs when price creates a series of lower highs and lower lows, forming two downward sloping parallel trend lines. In the case of ETHUSDT, the descending channel was formed during a previous accumulation phase near the 1100$ area. After the price broke out of the channel, it reached a new high.
Currently, ETHUSDT is in an accumulation phase below the weekly resistance at 17000$, suggesting that the price may be consolidating before making a move. Traders may be waiting for a price breakout above the resistance, which could signal a continuation of the uptrend and provide confirmation of a new high. The next target, as indicated, could be around 1900$. It is crucial to closely monitor the price action and manage risk effectively when trading, so According to Plancton's strategy, we can set a nice order
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Keep in mind.
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Follow the Shrimp 🦐
A descending channel is a technical chart pattern that occurs when price creates a series of lower highs and lower lows, forming two downward sloping parallel trend lines. In the case of ETHUSDT, the descending channel was formed during a previous accumulation phase near the 1100$ area. After the price broke out of the channel, it reached a new high.
Currently, ETHUSDT is in an accumulation phase below the weekly resistance at 17000$, suggesting that the price may be consolidating before making a move. Traders may be waiting for a price breakout above the resistance, which could signal a continuation of the uptrend and provide confirmation of a new high. The next target, as indicated, could be around 1900$. It is crucial to closely monitor the price action and manage risk effectively when trading, so According to Plancton's strategy, we can set a nice order
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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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Follow the Shrimp 🦐
Note
still in accumulation phaseNote
Accumulation -> DistributionAccumulation -> Distribution?
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