ETHUSDT is creating a descending channel

Updated

The price is creating a descending channel on the daily resistance after a bounce on the 0.5 Fibonacci level on the Monthly chart.

The price got rejections from the 3k resistance, it's a key level.
On the 4h timeframe the price is testing the resistance on 2700$ and the market got rejections from that are.

How to approach?
For a bullish scenario, I'd like to see a clear breakout from the dynamic resistance and daily resistance on 3k.
Otherwise, if the price is going to lose the weekly support and retest the support as new resistance we could see a new short impulse. Next valid support is 2k –––––
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 is testing the 4h resistance, I'd like to see a clear breakout with volume.

Note

The bulls are testing an important static and dynamic resistance!
I'd like to see a clear breakout with volume from that area!

Let's see

Note

The price is testing the 0.382 Fibonacci level after the breakout from the 4h resistance and dynamic one.
on the daily timeframe, we can see a retest of the M's neckline on 2800-2900$

We are waiting for the breakout from 3k to turn the bearish momentum into a bullish one. Breakout with Volume

2500 remains the valid support on the weekly one

Note

A breakout is not enough for a new long position, you need to have a strategy!
On the last idea I told, "The market is testing the M's neckline", the price got a rejection from that area, and as I told you before "2500 remains the valid support on the weekly one".

InkyGrip

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