DYDXUSDT is currently testing the 0.618 Fibonacci level below the daily resistance. The 0.618 Fibonacci level is a crucial retracement level derived from the Fibonacci sequence and is often used in technical analysis to identify potential support and resistance levels. When the price approaches this level, it suggests that it might find support and witness a bounce from this area.
In addition, the price is trading inside an ascending channel, which is a bullish chart pattern characterized by two parallel trendlines, with the lower trendline acting as support and the upper trendline acting as resistance. This pattern indicates that the price has been consistently making higher lows and higher highs, further reinforcing the potential bullish outlook.
Furthermore, you mentioned that the price could attract new liquidity around the $1.9 price zone. A liquidity grab at this level might occur due to various factors, including historical price significance and the intersection with technical levels, drawing the attention of buyers to the market.
According to Plancton's Rules, a new long position is suggested in this scenario. A long position involves buying the asset with the expectation that its price will rise. By following Plancton's Rules, traders aim to take advantage of the potential bullish momentum indicated by the ascending channel and the proximity of the price to the 0.618 Fibonacci level.
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Follow the Shrimp 🦐
Keep in mind.
In addition, the price is trading inside an ascending channel, which is a bullish chart pattern characterized by two parallel trendlines, with the lower trendline acting as support and the upper trendline acting as resistance. This pattern indicates that the price has been consistently making higher lows and higher highs, further reinforcing the potential bullish outlook.
Furthermore, you mentioned that the price could attract new liquidity around the $1.9 price zone. A liquidity grab at this level might occur due to various factors, including historical price significance and the intersection with technical levels, drawing the attention of buyers to the market.
According to Plancton's Rules, a new long position is suggested in this scenario. A long position involves buying the asset with the expectation that its price will rise. By following Plancton's Rules, traders aim to take advantage of the potential bullish momentum indicated by the ascending channel and the proximity of the price to the 0.618 Fibonacci level.
–––––
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.
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