GALAUSDT has grabbed new liquidity from the 0.786 Fibonacci level, indicating a significant level of buying interest in the market.
According to Plancton's rules, this liquidity grab from the 0.786 Fibonacci level could potentially suggest a bullish trend reversal or a continuation of the existing upward momentum. Traders following Plancton's principles might consider waiting for a breakout above a key resistance level before considering a new long position.
A breakout occurs when the price successfully surpasses a significant resistance level, indicating a potential shift in market sentiment and a possible continuation of the upward trend. By waiting for this breakout confirmation, traders can increase the probability of a successful long trade.
Once a valid breakout above the resistance level is confirmed, traders following Plancton's rules may consider opening a new long position, expecting the price to continue its upward movement.
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Follow the Shrimp 🦐
Keep in mind.
According to Plancton's rules, this liquidity grab from the 0.786 Fibonacci level could potentially suggest a bullish trend reversal or a continuation of the existing upward momentum. Traders following Plancton's principles might consider waiting for a breakout above a key resistance level before considering a new long position.
A breakout occurs when the price successfully surpasses a significant resistance level, indicating a potential shift in market sentiment and a possible continuation of the upward trend. By waiting for this breakout confirmation, traders can increase the probability of a successful long trade.
Once a valid breakout above the resistance level is confirmed, traders following Plancton's rules may consider opening a new long position, expecting the price to continue its upward movement.
–––––
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.
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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.
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.