The price had a breakout from the descending channel and daily dynamic resistance after a double bottom on 2400$
On the 4h timeframe, after the breakout from the weekly resistance got a rejection from the 4h resistance and now the market wants to retest the previous resistance as new support on the 0.382 Fibonacci level in order to create a new higher low
How to approach?
The price needs to confirm the flip of the previous resistance, According to Plancton's strategy, we can set a nice order
–––––
Keep in mind.
Follow the Shrimp 🦐
On the 4h timeframe, after the breakout from the weekly resistance got a rejection from the 4h resistance and now the market wants to retest the previous resistance as new support on the 0.382 Fibonacci level in order to create a new higher low
How to approach?
The price needs to confirm the flip of the previous resistance, According to Plancton's strategy, we can set a nice order
–––––
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 is testing the 0.382 Fibonacci level as I said. if the price is going to have a breakdown from the weekly support, the next valid support is on 0.618 Fibonacci level (2700).
Bull above 3100.
Let's see!
Bull above 3100.
Let's see!
We will expect a bounce in that area