MASKUSDT is exhibiting a pennant formation, which is a common chart pattern characterized by a triangular shape formed by converging trend lines. This pattern typically represents a temporary pause in the price movement before a continuation of the previous trend.
In the case of MASKUSDT, the pennant formation suggests that after a significant price increase or decrease, the market is experiencing a period of consolidation, with decreasing volatility and narrowing price ranges. Traders often interpret this pattern as a sign of impending volatility, where a breakout is expected to occur in the direction of the previous trend.
However, there is a possibility that the price of MASKUSDT could break below its daily support level. If this support is breached, it could indicate a bearish sentiment and lead to a retest of the $3 area. This would align with Plancton's rules, which could signal an opportunity for traders to initiate short positions.
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Follow the Shrimp 🦐
Keep in mind.
In the case of MASKUSDT, the pennant formation suggests that after a significant price increase or decrease, the market is experiencing a period of consolidation, with decreasing volatility and narrowing price ranges. Traders often interpret this pattern as a sign of impending volatility, where a breakout is expected to occur in the direction of the previous trend.
However, there is a possibility that the price of MASKUSDT could break below its daily support level. If this support is breached, it could indicate a bearish sentiment and lead to a retest of the $3 area. This would align with Plancton's rules, which could signal an opportunity for traders to initiate short positions.
–––––
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.
Note
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.