THETAUSDT ready for the breakout?
Updated
THETAUSDT has recently broken out of a descending channel pattern and is currently testing the 4-hour resistance level . The descending channel is a technical chart pattern that occurs when the price of an asset is in a downtrend and begins to consolidate within a range, forming a channel with lower highs and lower lows.
The breakout from the descending channel pattern was accompanied by a significant increase in trading volume , which may indicate increased demand for THETAUSDT and positive sentiment among traders.
However, in order for the cryptocurrency to continue its upward trend, it will need to create a breakout from the 4-hour resistance level . According to Plancton's rules for long positions, buying opportunities should be sought after a breakout from resistance, followed by a retest of the level as new support and applying MTB and/or CPS strategies
–––––
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 🦐
The breakout from the descending channel pattern was accompanied by a significant increase in trading volume , which may indicate increased demand for THETAUSDT and positive sentiment among traders.
However, in order for the cryptocurrency to continue its upward trend, it will need to create a breakout from the 4-hour resistance level . According to Plancton's rules for long positions, buying opportunities should be sought after a breakout from resistance, followed by a retest of the level as new support and applying MTB and/or CPS strategies
–––––
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 🦐
Note
The price needs to create the breakout.!
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.