ROSEUSDT wants the breakout? The current price of ROSEUSDT is inside a descending channel after breaking out from the daily resistance level.
A descending channel is a technical analysis pattern that is formed when the price moves between two downward sloping trendlines. The upper trendline connects the highs, while the lower trendline connects the lows. In a descending channel, the price tends to move lower, bouncing off the upper trendline and finding support at the lower trendline.
In the case of ROSEUSDT, the price is currently trading within this pattern, indicating a bearish trend. This means that sellers are in control and are pushing the price lower. However, the fact that the price broke out of the daily resistance level suggests that there may be some bullish momentum building.
For traders looking to enter a long position in ROSEUSDT, they would need to wait for a breakout from the descending channel and ensure that the breakout satisfies Plancton's rules. Plancton's rules are a set of technical analysis guidelines that aim to identify high-probability trading opportunities. These rules include looking for strong trends, clear price patterns, and confirmation
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🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <= 1h structure.
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