COMPUSDT new leg up?On the daily timeframe, the price of COMPUSDT broke out from a substantial falling wedge pattern, signaling a potentially bullish trend reversal.
The falling wedge pattern is characterized by a series of lower highs and lower lows, gradually converging towards a point of apex. This wedge-shaped consolidation pattern typically suggests that sellers are losing momentum, while buyers are gaining strength. The breakout from this pattern indicates a shift in market sentiment, with buyers taking control and potentially driving the price higher.
As the breakout occurred, it is expected that COMPUSDT would seek new liquidity levels. In line with Plancton's rules,, the price may exhibit a tendency to retest key Fibonacci retracement levels. In particular, the 0.618 Fibonacci level, also known as the golden ratio, is often considered significant as it represents a retracement of approximately 61.8% of the previous upward move.
Holding the 0.618 Fibonacci level suggests that there is a higher probability of the price continuing its upward momentum, as it indicates a strong level of support and a potential accumulation of buy orders in that area. This level can act as a strategic entry point for new long positions, as per Plancton's rules.
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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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