The price is testing important support on the daily timeframe at 2570$.
The price got rejections from the dynamic daily resistance .
On the 4h timeframe, the price seems weak, and the market created a head and shoulders where the neckline is the 4h support on 2600-2500.
How to approach?
We are waiting for the next move, for a bearish scenario we need to see a clear breakout with volume and a retest of the neckline as new resistance.
If our rules are going to satisfy, we could open a new short position. The next valid support is 2400-2300 where you can find the weekly support.
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Keep in mind.
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Follow the Shrimp 🦐
The price got rejections from the dynamic daily resistance .
On the 4h timeframe, the price seems weak, and the market created a head and shoulders where the neckline is the 4h support on 2600-2500.
How to approach?
We are waiting for the next move, for a bearish scenario we need to see a clear breakout with volume and a retest of the neckline as new resistance.
If our rules are going to satisfy, we could open a new short position. The next valid support is 2400-2300 where you can find the weekly support.
–––––
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
–––––
Follow the Shrimp 🦐
Note
Nothing changed.the price is testing the daily support.
If the price is going to have a breakout and retest the 4h support as new resistance, we can add it to our watchlist for a new short position according to our rules
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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.