The price had a nice bounce from the daily support 35k and had a breakout from the descending channel, it's a good sign.
On the daily timeframe, the price is going to retest another key level on 46k, if you look on the left, you can see how the price respected that level.
On the 4h timeframe, the price is testing the dynamic support as new resistance on 44k.
How to approach.
We need to see another breakout for a long scenario, the price needs to have a breakout from the dynamic resistance and daily resistance as well. If the price is going to confirm the breakout and it will satisfy our rules, the next valid resistance is
51600k exactly on 1.618 Fibonacci level.
––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
On the daily timeframe, the price is going to retest another key level on 46k, if you look on the left, you can see how the price respected that level.
On the 4h timeframe, the price is testing the dynamic support as new resistance on 44k.
How to approach.
We need to see another breakout for a long scenario, the price needs to have a breakout from the dynamic resistance and daily resistance as well. If the price is going to confirm the breakout and it will satisfy our rules, the next valid resistance is
51600k exactly on 1.618 Fibonacci level.
––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
The price is testing the 0.886 Fibonacci level as new resistance, and we could have two scenarios before the 51k
The first one: the price could have a retrace until the 0.382 - 0.618 Fibonacci, got liquidity for e new impulse above the 46k
The second one: the price could have a breakout from 46k directly, in that case, after confirmations, the price could reach 1.618 Fibonacci level on 46k.
The setup is invalid if the price is going to lose the 0.618 Fibonacci support