IOTAUSDT is between two Daily structures!IOTAUSDT had a breakout from the descending dynamic daily resistance, which is a technical analysis term that refers to a trend line drawn along a series of recent highs that act as a resistance level for the price.
After the breakout, the market is now ranging between the daily structures, which are significant levels of support and resistance on the daily chart. These levels are important because they represent areas where there is a significant amount of demand (support) or supply (resistance), meaning that buyers or sellers are likely to enter the market and push the price in a certain direction.
Currently, the price of IOTAUSDT is inside the descending channel on the 4-hour timeframe, which is a chart pattern that is characterized by a series of lower highs and lower lows. The market is waiting for the breakout and retest of the daily resistance as new support.
The support level is a price point where there is a significant amount of demand, meaning that buyers are likely to enter the market and push the price up. In this case, the daily resistance level is expected to act as a new support level if the price breaks out above it and retests it successfully.
If the price of IOTAUSDT satisfies Plancton's Rules, which are a set of trading rules based on price action and market psychology, it could signal a good opportunity to open a new long position, which is a bet that the price will continue to rise.
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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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