ETHUSDT is testing the KEY LEVEL!
Updated
The ETHUSDT pair recently went through an "Accumulation Phase".
In technical analysis, an Accumulation Phase refers to a period of time where investors and traders are quietly buying an asset, usually at lower prices, in anticipation of a future price increase. During this phase, the price of the asset tends to range within a certain support and resistance level. In the case of ETHUSDT, the accumulation phase occurred between the weekly support level at 110$ and the 1300$ area.
After the accumulation phase, the price had a "Distribution Phase". A Distribution Phase is a period of time where investors and traders are selling an asset, usually at higher prices, in anticipation of a future price decrease. During this phase, the price of the asset tends to break down from a previous trend and move lower. In the case of ETHUSDT, the distribution phase occurred after a clear breakout from the descending channel on the weekly timeframe.
Now, the price is attempting to create a breakout from the 1700$ level, which is a clear key level.
If the breakout occurs and is followed by a retest, traders can apply our Plancton's Rules to maximize their profits and minimize risks.
These rules provide guidelines for entering and exiting trades based on market conditions and help traders make informed trading decisions.
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Follow the Shrimp 🦐
Keep in mind.
In technical analysis, an Accumulation Phase refers to a period of time where investors and traders are quietly buying an asset, usually at lower prices, in anticipation of a future price increase. During this phase, the price of the asset tends to range within a certain support and resistance level. In the case of ETHUSDT, the accumulation phase occurred between the weekly support level at 110$ and the 1300$ area.
After the accumulation phase, the price had a "Distribution Phase". A Distribution Phase is a period of time where investors and traders are selling an asset, usually at higher prices, in anticipation of a future price decrease. During this phase, the price of the asset tends to break down from a previous trend and move lower. In the case of ETHUSDT, the distribution phase occurred after a clear breakout from the descending channel on the weekly timeframe.
Now, the price is attempting to create a breakout from the 1700$ level, which is a clear key level.
If the breakout occurs and is followed by a retest, traders can apply our Plancton's Rules to maximize their profits and minimize risks.
These rules provide guidelines for entering and exiting trades based on market conditions and help traders make informed trading decisions.
–––––
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.
Note
Waiting for the breakout!
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