In the DOTUSDT trading pair, there's a potential scenario unfolding where the price is likely to revisit the 0.618 Fibonacci retracement level before initiating another bearish movement, ultimately targeting the daily support level at $4.24. Adhering to Plancton's trading principles, this suggests the opportunity for a new short position.
The DOTUSDT market is exhibiting a technical pattern where price action has retraced to the 0.618 Fibonacci level, which commonly acts as a significant resistance or support area. This retracement is indicative of a potential reversal or continuation of the prevailing trend.
Traders following Plancton's guidelines may consider establishing a short position based on this analysis. However, it's crucial to conduct thorough risk management and closely monitor price movements to confirm the expected bearish continuation. The ultimate downside target for this trade is the daily support level at $4.24, which serves as a critical support zone.
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Follow the Shrimp 🦐
Keep in mind.
The DOTUSDT market is exhibiting a technical pattern where price action has retraced to the 0.618 Fibonacci level, which commonly acts as a significant resistance or support area. This retracement is indicative of a potential reversal or continuation of the prevailing trend.
Traders following Plancton's guidelines may consider establishing a short position based on this analysis. However, it's crucial to conduct thorough risk management and closely monitor price movements to confirm the expected bearish continuation. The ultimate downside target for this trade is the daily support level at $4.24, which serves as a critical support zone.
–––––
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.