ENJUSDT falling WedgeENJUSDT is exhibiting a falling wedge pattern, which is a bullish chart formation characterized by converging trendlines sloping downwards.
In this pattern, the upper trendline, which represents the declining highs, and the lower trendline, representing the decreasing lows, converge towards each other. The falling wedge pattern typically indicates a period of consolidation and decreasing volatility, suggesting that a breakout might be on the horizon.
If the price of ENJUSDT were to create a breakout from the falling wedge pattern, traders following Plancton's Rules might consider taking a new long position.
Upon a breakout from the falling wedge, a trader employing Plancton's Rules might look for confirmation through factors such as increased trading volume and a decisive close above the upper trendline. This confirmation helps validate the breakout and reduces the likelihood of false signals.
Additionally, risk management is crucial when executing a new long position based on Plancton's Rules.
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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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