The market is creating a descending channel between the daily and weekly structures.
The price had a rejection from the 0.5 Fibonacci level on the daily resistance and dynamic one.
How to Approach?
We need to wait to understand the market's strength. The price is above the strong support, we need to wait for a clear breakdown to open a short position (according to our rules). Otherwise, if the price is going to have a breakout from the resistance and form the channel, we can add in our watchlist and wait to apply our rules in order to open a new long position.
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Keep in mind.
Follow the Shrimp 🦐
The price had a rejection from the 0.5 Fibonacci level on the daily resistance and dynamic one.
How to Approach?
We need to wait to understand the market's strength. The price is above the strong support, we need to wait for a clear breakdown to open a short position (according to our rules). Otherwise, if the price is going to have a breakout from the resistance and form the channel, we can add in our watchlist and wait to apply our rules in order to open a new long position.
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Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
Follow the Shrimp 🦐
Comment:
the price had a breakout from dynamic and static support and retested as new resistance.
"We need to wait for a clear breakdown to open a short position (according to our rules)"
as you can see the price had a breakout and retested the previous support as new resistance.
25% for everyone after our call.