WOOUSDT is testing the support
Updated
On the daily timeframe, the price recently encountered resistance at 0.24$, which is a key resistance level for the market. On the 4-hour timeframe, the price action formed a rising wedge pattern, but it experienced a false breakout from the resistance level, indicating potential weakness in the market.
A rising wedge is a bearish chart pattern characterized by a narrowing price range between two converging trendlines, with the upper trendline being steeper than the lower one. A false breakout occurs when the price breaks above the upper trendline but fails to maintain the upward momentum and drops back into the wedge pattern.
If the price fails to hold the key support level at 0.21$, this could trigger a new bearish impulse, potentially leading to a drop towards the dynamic support level around 0.2-0.19$, so According to Plancton's strategy, we can set a nice order
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Keep in mind.
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Follow the Shrimp 🦐
A rising wedge is a bearish chart pattern characterized by a narrowing price range between two converging trendlines, with the upper trendline being steeper than the lower one. A false breakout occurs when the price breaks above the upper trendline but fails to maintain the upward momentum and drops back into the wedge pattern.
If the price fails to hold the key support level at 0.21$, this could trigger a new bearish impulse, potentially leading to a drop towards the dynamic support level around 0.2-0.19$, so According to Plancton's strategy, we can set a nice order
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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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Follow the Shrimp 🦐
Note
The price is following my arrow
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