In this analysis, we start from monthly timeframe and we can see how the price respected the Fibonacci retracement on 0.786 level, and we create new weekly and monthly structures.
on the Daily timeframe the price created a strong area on 43-44k where the market is trying to have a breakout.
On the 4h timeframe we can see how the price is testing the 0.886 Fibonacci level as new resistance.
How to approach? We need to see a new breakout from the daily resistance with Volume and momentum, because that area is very strong and we could see a false breakout from it, for that reason we are following our rules. A breakout is not enough to open a new long position, the price needs to satisfy our rules. IF the price is going to satisfy all our checkpoints, we can open a new long position. the next valid resistance is on the monthly resistance on 46800 ––––– Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
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The price is trying to have a breakout from the daily resistance as I told you! I'd like to see a daily close above the 45k 🎯
So far so good
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The price is trying to hold the daily resistance. As I told you today, the best scenario is the daily close above the 45k
Let's see! 🦐
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The price is testing our resistance above the daily one. Usually, when the price is going to create a consolidation phase, we see a breakout to the upside!