MKRUSDT is creating a huge pennantMKRUSDT is currently forming a pennant pattern.
A pennant is a technical chart pattern that resembles a symmetrical triangle and is considered a continuation pattern. It forms when price consolidates after a sharp price movement and usually indicates a pause in momentum before the trend resumes in the same direction as before. Traders often look for a breakout from the pennant in the direction of the previous trend, confirming the continuation of the trend. However, the formation of a pennant is not a guarantee of a successful trade and requires careful analysis in conjunction with other indicators and market conditions.
Within this pattern, the price broke out from a descending channel, which is a bearish trend characterized by lower lows and lower highs.
The market is now testing a static resistance and support level.
We are waiting for a breakout from the pennant and key level, a retest, and a new bullish impulse, following Plancton's Rules.
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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.
Follow the Shrimp 🦐
