GALAUSDT is testing the dynamic supportGALAUSDT is at a critical juncture as it tests the dynamic support level.
Dynamic support refers to a technical analysis concept where a moving average or trendline acts as a support level for the price. In this case, the dynamic support level is being tested by the GALAUSDT price, indicating a potential shift in the market sentiment.
If the price of GALAUSDT fails to hold above the dynamic support level, it would trigger a signal based on Plancton's rules. Plancton is a renowned trading strategy or system that follows specific guidelines for entering and exiting trades.
According to Plancton's rules, a breach of the dynamic support level would suggest a bearish trend reversal or a potential decline in price. Consequently, this would prompt traders following Plancton's strategy to consider initiating a new short position on GALAUSDT.
By going short, traders aim to profit from a downward price movement. They would sell GALAUSDT with the expectation of buying it back at a lower price in the future, thus capitalizing on the price decline.
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🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <= 1h structure.
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