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WAVESUSDT is creating a pennant
WAVESUSDT has recently lost the dynamic support at the 2.6$ area, meaning that the price was previously supported at this level by an upward sloping trendline, but has since broken below it. The market is now creating a pennant, which is a common technical chart pattern that is formed when there is a period of consolidation after a sharp price move, followed by a breakout in the direction of the previous trend.
A pennant typically looks like a symmetrical triangle, with converging trendlines that meet at a point. The upper trendline is formed by connecting the highs of the consolidation period, while the lower trendline is formed by connecting the lows. As the price moves closer to the point of the triangle, the trendlines will converge, and eventually the price will break out of the triangle in the direction of the previous trend.
In the case of WAVESUSDT, the market is creating a pennant after losing the dynamic support at the 2.6$ area. This suggests that there is a period of consolidation in the market, and that traders are waiting for a signal of the next direction of the price.
However, there are two demand zones on the weekly support at the 1.650$ area and another one at 1.4$, which could act as potential support levels if the price falls further. According to Plancton's Rules, if the price loses these support levels, it could indicate a new short position for traders.
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Follow the Shrimp 🦐
Keep in mind.
A pennant typically looks like a symmetrical triangle, with converging trendlines that meet at a point. The upper trendline is formed by connecting the highs of the consolidation period, while the lower trendline is formed by connecting the lows. As the price moves closer to the point of the triangle, the trendlines will converge, and eventually the price will break out of the triangle in the direction of the previous trend.
In the case of WAVESUSDT, the market is creating a pennant after losing the dynamic support at the 2.6$ area. This suggests that there is a period of consolidation in the market, and that traders are waiting for a signal of the next direction of the price.
However, there are two demand zones on the weekly support at the 1.650$ area and another one at 1.4$, which could act as potential support levels if the price falls further. According to Plancton's Rules, if the price loses these support levels, it could indicate a new short position for traders.
–––––
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.
注释
The price needs to hold it 
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