ONEUSDT is currently testing a significant weekly support level. According to Plancton's trading principles, if the following conditions are met, a potential short trade could be considered:
Support Bounce: The first condition involves observing a bounce or price reaction from the weekly support level. This bounce indicates that the support level has held and that buyers have stepped in to prevent further decline.
Price Target: As you mentioned, the potential price target is at $0.011, which you've identified as a key level. This target could be based on various factors, including technical analysis, Fibonacci retracement levels, or previous price history.
Short Trade: If the price bounces from the weekly support but then fails to break above the $0.011 key level, traders following Plancton's strategy may consider opening a new short position. The expectation here is that the price might experience further downward pressure.
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Follow the Shrimp 🦐
Keep in mind.
Support Bounce: The first condition involves observing a bounce or price reaction from the weekly support level. This bounce indicates that the support level has held and that buyers have stepped in to prevent further decline.
Price Target: As you mentioned, the potential price target is at $0.011, which you've identified as a key level. This target could be based on various factors, including technical analysis, Fibonacci retracement levels, or previous price history.
Short Trade: If the price bounces from the weekly support but then fails to break above the $0.011 key level, traders following Plancton's strategy may consider opening a new short position. The expectation here is that the price might experience further downward pressure.
–––––
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.