SANDUSDT is testing the key level!Currently, the price of SANDUSDT is testing the 0.786 Fibonacci level as resistance and has experienced its first rejection from the $0.9 resistance level.
The 0.786 Fibonacci level is a commonly used level in technical analysis and is considered a significant level of resistance.
In the case of SANDUSDT, the 0.786 Fibonacci level is acting as a significant level of resistance, as the price has been unable to break above this level. Additionally, the $0.9 resistance level is also acting as a strong resistance level, with the price being rejected at this level on its first attempt.
In order for the price of SANDUSDT to have a breakout, it must hold the dynamic support level. Dynamic support refers to a level of support that is constantly moving as the price of the asset changes. Traders often use moving averages or other technical indicators to identify dynamic support levels.
If the price of SANDUSDT is able to hold the dynamic support level and experience a breakout above the 0.786 Fibonacci level and the $0.9 resistance level, this would be a signal to apply Plancton's Rules and consider taking a new long position. As mentioned earlier, Plancton's Rules are a set of technical analysis rules that can help traders to identify potential trading opportunities.
The bigger picture is an important concept in trading because it refers to the broader trends and patterns that exist beyond the short-term movements of an asset's price. Understanding the bigger picture can help traders to make more informed decisions and to develop more effective trading strategies.
One of the key benefits of considering the bigger picture is that it can help traders to avoid getting caught up in short-term fluctuations that may not be reflective of the underlying trend. By looking at longer-term charts and trends, traders can identify patterns and support and resistance levels that can provide more reliable signals.
–––––
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 🦐