FILUSDT inverse head and shoulders
FILUSDT is currently exhibiting a fascinating technical pattern known as an Inverse Head and Shoulders on the daily timeframe
This pattern typically indicates a potential trend reversal from a bearish to a bullish trend and offers promising opportunities for traders.
The Inverse Head and Shoulders pattern consists of three main components: two lower troughs, or "shoulders," flanking a deeper trough, or "head," creating a pattern that resembles the outline of a head and shoulders facing downwards. The pattern suggests that the downtrend might be losing momentum, and a bullish reversal could be on the horizon.
Presently, Filecoin's price has formed the right shoulder and is testing the dynamic daily resistance. This resistance line is formed by connecting the previous highs during the formation of the pattern. The fact that the price is testing this resistance indicates a crucial moment for FILUSDT.
As per Plancton's rules, traders will closely monitor the price action at this dynamic daily resistance. A clear breakout above this resistance level with a decisive and significant increase in trading volume could signal a strong confirmation of the Inverse Head and Shoulders pattern.
In such a scenario, Plancton's rules would dictate taking a new long position on FILUSDT. This means buying Filecoin with the expectation of the price continuing its upward movement. Traders will place a stop-loss order below the right shoulder's low to protect against potential false breakouts or unfavorable market movements.
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Follow the Shrimp 🦐
Keep in mind.
This pattern typically indicates a potential trend reversal from a bearish to a bullish trend and offers promising opportunities for traders.
The Inverse Head and Shoulders pattern consists of three main components: two lower troughs, or "shoulders," flanking a deeper trough, or "head," creating a pattern that resembles the outline of a head and shoulders facing downwards. The pattern suggests that the downtrend might be losing momentum, and a bullish reversal could be on the horizon.
Presently, Filecoin's price has formed the right shoulder and is testing the dynamic daily resistance. This resistance line is formed by connecting the previous highs during the formation of the pattern. The fact that the price is testing this resistance indicates a crucial moment for FILUSDT.
As per Plancton's rules, traders will closely monitor the price action at this dynamic daily resistance. A clear breakout above this resistance level with a decisive and significant increase in trading volume could signal a strong confirmation of the Inverse Head and Shoulders pattern.
In such a scenario, Plancton's rules would dictate taking a new long position on FILUSDT. This means buying Filecoin with the expectation of the price continuing its upward movement. Traders will place a stop-loss order below the right shoulder's low to protect against potential false breakouts or unfavorable market movements.
–––––
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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