RLCUSDT is a trading pair that represents the price of RLC (iExec) in relation to USDT (Tether). The recent price action of RLCUSDT has displayed a notable pattern known as a falling wedge. This pattern is characterized by a contracting range between downward-sloping resistance and support lines. A breakout from this pattern is regarded as a bullish signal.
After a previous false breakout around the $1.2 area, RLCUSDT has now successfully broken out from the falling wedge pattern. This breakout indicates a potential shift in market sentiment and a possible reversal in the downtrend. However, it's worth noting that the market is currently testing a resistance level around the $1.5 area on the 4-hour timeframe.
According to Plancton's Rules, a new trading opportunity may arise if RLCUSDT manages to secure new liquidity and undergoes a breakout from the current resistance level. This breakout would indicate a strengthening bullish momentum in the market. Traders following Plancton's Rules might consider opening long positions once the breakout is confirmed.
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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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