The price is testing a critical zone on the dynamic support and static support as well on 14.5$.
On the daily timeframe, the price is creating a descending channel after a false breakout from the 50$ resistance.
On the 4h timeframe, we can see that the price is testing the dynamic support after a breakdown from the static one.
How to approach?
IF the price is going to have a breakout from it and retest the previous support as new resistance, we can add in our watchlist and wait for apply or rules in order to open a new short position with a very nice risk reward.
The next valid support is 10$.
The scenario is invalidated if the price is going to have a breakout (above 17.5$) from the descending channel with volume and retest the support.
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Follow the Shrimp 🦐
Keep in mind.
On the daily timeframe, the price is creating a descending channel after a false breakout from the 50$ resistance.
On the 4h timeframe, we can see that the price is testing the dynamic support after a breakdown from the static one.
How to approach?
IF the price is going to have a breakout from it and retest the previous support as new resistance, we can add in our watchlist and wait for apply or rules in order to open a new short position with a very nice risk reward.
The next valid support is 10$.
The scenario is invalidated if the price is going to have a breakout (above 17.5$) from the descending channel with volume and retest the support.
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
Note
The price got a bounce from the daily support so far! our setup is invalid only if the price is going to have a breakout above 19$.Wait for a bearish impulse for a new short position. Wait for applying our rules.
let's see
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.