ETHUSDT is testing the 0.618 Fibonacci level
The price bounced on the 2600$ support so far and it's going to retest the 0.618 Fibonacci level on the 4h timeframe on the daily dynamic resistance.
The market created an M pattern on a daily and 4h timeframe and the price retested its neckline already.
How to approach?
we could see another bearish impulse below the key level 2500$ and the next valid support is 2400$. The price should have a breakout from this support with volume after the first false breakout. The price is looking for a new higher low on the 4h timeframe. The setup is invalid if the price is going to have a clear breakout of 2800-2900$
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Follow the Shrimp 🦐
Keep in mind.
The market created an M pattern on a daily and 4h timeframe and the price retested its neckline already.
How to approach?
we could see another bearish impulse below the key level 2500$ and the next valid support is 2400$. The price should have a breakout from this support with volume after the first false breakout. The price is looking for a new higher low on the 4h timeframe. The setup is invalid if the price is going to have a clear breakout of 2800-2900$
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
Comment:
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Let's see