SXPUSDT wants the pullback?SXPUSDT has been following a pattern where the price consistently moves lower within the boundaries of this channel. At present, the market is testing the lower trendline of the channel, which represents a crucial level of support.
Based on technical analysis principles, there is a possibility that the price might undergo a pullback from this lower trendline. Traders who adhere to Fibonacci retracement levels may anticipate a potential pullback until the 0.618 Fibonacci level. This level is often regarded as a significant retracement level in Fibonacci analysis.
Following the pullback, it is anticipated that a new bearish impulse could occur, potentially pushing the price towards the 0.37 $. This level is considered a demand zone in the market, meaning there is a higher probability of buying interest and potential support at this price point.
In accordance with the trading principles suggested by Plancton, a trader might consider taking a short position on SXPUSDT based on this analysis. This would entail selling the asset in anticipation of a further decline in price, aligning with the projected bearish movement.
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🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <= 1h structure.
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