AXSUSDT needs the breakout!
AXSUSDT, as of the current analysis in the 4-hour timeframe, the price movement has been confined within an ascending channel, indicating a bullish trend. The ascending channel is formed by drawing two parallel trendlines that connect the higher lows and higher highs of the price action.
At this particular moment, the market is approaching a significant level of resistance on the daily chart. This daily resistance has previously acted as a barrier for the price to move higher. Traders and investors are now closely observing the price action as it tests this crucial level.
According to Plancton's rules, a respected and widely-followed trading strategy, a new long (buy) position is suggested if the price successfully breaks out above $6.60. A breakout above this level would indicate a potential continuation of the upward trend and could lead to further price appreciation for AXS/USDT.
It is essential for traders to exercise caution and wait for the breakout confirmation before entering a long position. Breakouts can be volatile, and false breakouts are not uncommon. As such, it is advisable to wait for a clear and sustained movement above $6.60 with significant trading volume to confirm the breakout's strength.
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Follow the Shrimp 🦐
Keep in mind.
At this particular moment, the market is approaching a significant level of resistance on the daily chart. This daily resistance has previously acted as a barrier for the price to move higher. Traders and investors are now closely observing the price action as it tests this crucial level.
According to Plancton's rules, a respected and widely-followed trading strategy, a new long (buy) position is suggested if the price successfully breaks out above $6.60. A breakout above this level would indicate a potential continuation of the upward trend and could lead to further price appreciation for AXS/USDT.
It is essential for traders to exercise caution and wait for the breakout confirmation before entering a long position. Breakouts can be volatile, and false breakouts are not uncommon. As such, it is advisable to wait for a clear and sustained movement above $6.60 with significant trading volume to confirm the breakout's strength.
–––––
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.
Penafian
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