The price had a breakout from the descending channel and daily dynamic resistance after a double bottom on 2400$
On the 4h timeframe, after the breakout from the weekly resistance got a rejection from the 4h resistance and now the market wants to retest the previous resistance as new support on the 0.382 Fibonacci level in order to create a new higher low
How to approach?
The price needs to confirm the flip of the previous resistance, According to Plancton's strategy, we can set a nice order
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Keep in mind.
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Follow the Shrimp 🦐
On the 4h timeframe, after the breakout from the weekly resistance got a rejection from the 4h resistance and now the market wants to retest the previous resistance as new support on the 0.382 Fibonacci level in order to create a new higher low
How to approach?
The price needs to confirm the flip of the previous resistance, 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 🦐
Note
The price reclaims the weekly support on 0.382 Fibonacci level where the price has the old Higher High. We will expect a bounce in that area
Note
The price is testing the 0.382 Fibonacci level as I said. if the price is going to have a breakdown from the weekly support, the next valid support is on 0.618 Fibonacci level (2700).Bull above 3100.
Let's see!
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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.