The price had a breakout from the daily descending channel after a retest of the Monthly support on 14$. On the 4h timeframe, the price is creating a pennant and now it's trying to have a breakout from it. The price got a first rejection from the 4h resistance on 19$
How to approach? We are monitoring the price and we are waiting for our rules. the market could get more liquidity from the previous resistance now new support. The market needs to have a breakout from the 19$, be careful about the daily resistance on 20$. IF the price is going to satisfy all our rules, we could open a new long position with a very nice risk reward. ––––– 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 retesting the pennant as expected Let's see!
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Consolidation below the 4h resistance. Wait for the breakout!
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The price needs to break the resistance for the bullish scenario. 20 (the daily resistance) is the key level.
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the price is following my drawing
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a breakout is not enough, you need to have a strategy, for that reason we are following the Plancton's rules! 🦐
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The price is following my drawing
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A perfect trade, The price had a breakout as expected and printed 7%
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The price is following my drawing! 10% so far after breakout as I told you