NEOUSDT is testing the supply area inside a rising wedge
Updated
NEOUSDT is a digital asset that recently formed a Double Bottom pattern near the $6 area, and it caused a breakout from a downward trend in its price movement.
A Descending Channel is a technical analysis pattern in which the price of an asset moves between two downward-sloping trend lines, creating a series of lower highs and lower lows.
Currently, the price of NEOUSDT is testing a resistance level near $8.5, where the market is forming a Rising Wedge pattern on the 4-hour time frame.
A Rising Wedge is a bearish chart pattern that forms when two upward-sloping trend lines are converging, signaling a potential price decrease as the momentum of the asset's rise weakens.
This breakout would trigger a new retracement, or a temporary reversal in the trend of the asset's price, according to the rules being followed. The market will closely monitor the price action at the support level for a potential breakout, which could potentially lead to further price decreases, According to Plancton's strategy, we can set a nice order
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Keep in mind.
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Follow the Shrimp 🦐
A Descending Channel is a technical analysis pattern in which the price of an asset moves between two downward-sloping trend lines, creating a series of lower highs and lower lows.
Currently, the price of NEOUSDT is testing a resistance level near $8.5, where the market is forming a Rising Wedge pattern on the 4-hour time frame.
A Rising Wedge is a bearish chart pattern that forms when two upward-sloping trend lines are converging, signaling a potential price decrease as the momentum of the asset's rise weakens.
This breakout would trigger a new retracement, or a temporary reversal in the trend of the asset's price, according to the rules being followed. The market will closely monitor the price action at the support level for a potential breakout, which could potentially lead to further price decreases, According to Plancton's strategy, we can set a nice order
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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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Follow the Shrimp 🦐
Note
The price is testing the key level, let's see!Note
the price is testing the resistance, we could see a bearish impulse if the price is going to lose the supportRising wedge is a bearish chart pattern in technical analysis that occurs when the price of an asset moves higher within a converging price range, creating a wedge shape on the price chart. It is characterized by two upward sloping, converging trendlines connecting a series of highs and lows. A breakdown from the rising wedge pattern signals a potential trend reversal and indicates a likely price decrease.
Note
We are waiting for the breakout from rising wedge
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