ETHUSDT is testing the resistance
Updated
The price is testing the 2800$ resistance on the 0.618 Fibonacci level after a nice breakout from the 2770$ daily resistance.
the market is testing the previous resistance as new support.
How to approach?
the price needs to grab liquidity for a new breakout from the 4h resistance on 2800$.
If the price is going to have a breakout, we can apply our rules for a new long position.
The New valid resistance is the supply zone on 3k.
––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
the market is testing the previous resistance as new support.
How to approach?
the price needs to grab liquidity for a new breakout from the 4h resistance on 2800$.
If the price is going to have a breakout, we can apply our rules for a new long position.
The New valid resistance is the supply zone on 3k.
––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
Note
The price is trying to have a breakout from the 0.618 Fibonacci level and dynamic resistance. If break, the next resistance is 2900Note
So Far So good 😎almost 4% since my call 🎯
Congrats Planctoners 🦐
Note
made more than 6% since my call, and now the price is testing the supply zone as I told you.What's next? The price needs to have a breakout above 3100 to continue the bullish impulse and create a new high with confirmations above the supply zone.
We could see a retest of the previous support on 2800$ if the price is going to lose the momentum
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