The UNIUSDT trading pair is currently testing the daily support level at the 5.8$ area, which is a key level of support that has held up in the past. This support level is important because it represents the daily structure of the price action.
Furthermore, the market has shown a rejection from the 0.786 Fibonacci level, which is currently acting as a 4-hour resistance level. This indicates that there may be significant selling pressure at this level, and that the market may be struggling to move higher.
If the price of UNIUSDT breaks below the daily support level and turns it into new resistance, according to Plancton's Rules, new short positions may be considered. This would suggest a potential trend reversal, with the market moving from bullish to bearish.
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Follow the Shrimp 🦐
Keep in mind.
Furthermore, the market has shown a rejection from the 0.786 Fibonacci level, which is currently acting as a 4-hour resistance level. This indicates that there may be significant selling pressure at this level, and that the market may be struggling to move higher.
If the price of UNIUSDT breaks below the daily support level and turns it into new resistance, according to Plancton's Rules, new short positions may be considered. This would suggest a potential trend reversal, with the market moving from bullish to bearish.
–––––
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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