QNTUSDT is testing the descending channel
QNTUSDT is currently trading inside a descending channel, which is a technical chart pattern that is formed when there is a clear downward trend in the price of an asset, and the highs and lows of the price form parallel lines that slope downwards.
In the case of QNTUSDT, the price is currently below the 4-hour resistance level, indicating that there is strong selling pressure in the market. The descending channel is formed by connecting the highs and lows of the price with parallel lines that slope downwards. The upper trendline connects the highs of the price, while the lower trendline connects the lows.
If the price of QNTUSDT breaks out of the descending channel, this could be a bullish signal for traders to take a long position. A breakout occurs when the price of an asset breaks through the upper or lower trendline of a channel, indicating a potential shift in the trend.
However, traders should be cautious when trading breakouts, as false breakouts can occur where the price briefly breaks through a trendline before reversing back into the channel. To confirm a breakout, traders should look for a significant increase in trading volume, which can help to confirm the validity of the breakout.
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Follow the Shrimp 🦐
Keep in mind.
In the case of QNTUSDT, the price is currently below the 4-hour resistance level, indicating that there is strong selling pressure in the market. The descending channel is formed by connecting the highs and lows of the price with parallel lines that slope downwards. The upper trendline connects the highs of the price, while the lower trendline connects the lows.
If the price of QNTUSDT breaks out of the descending channel, this could be a bullish signal for traders to take a long position. A breakout occurs when the price of an asset breaks through the upper or lower trendline of a channel, indicating a potential shift in the trend.
However, traders should be cautious when trading breakouts, as false breakouts can occur where the price briefly breaks through a trendline before reversing back into the channel. To confirm a breakout, traders should look for a significant increase in trading volume, which can help to confirm the validity of the breakout.
–––––
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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