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.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
––––– Follow the Shrimp 🦐
Comment
⋅
The price reclaims the weekly support on 0.382 Fibonacci level where the price has the old Higher High.
We will expect a bounce in that area
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!
@plancton0618, To an extent sold most of the position. As long as we have volume This is a game of greater fool theory. Given the current fundamentals average people aren't looking to buy.
HONEYITSGONE
⋅
@plancton0618, Have a read. I lost my premium account going to wait for a sale. haha. I see you are doing well as always. keep up the good stuff.
InkyGrip
⋅
@HONEYITSGONE, thanks bro, i appreciate your comment and vision, upvoted