The price retested the Fibonacci levels before the reversal, In this analysis I start from the monthly timeframe and draw the Fibonacci levels with the Fibonacci tool, and we can notice that the price tested the level 0.786 on the weekly timeframe with a double bottom on it.
On the 4h timeframe the price had a breakout from the first supply zone (check my previous analysis) and now the price is testing a new supply zone on the 3200$ where the market has the Fibonacci confluence.
How to approach? The price needs to have a new breakout with volume from it, and flip the 3260$ from resistance to support, 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 🦐
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The best scenario is the breakout above the 3260$ 🦐
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The price is testing the daily resistance at 3200$ after a first attempt. We need to see a clear breakout from it with momentum and volume!
Let's see!
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The price needs to have another breakout from the resistance.