ETHUSDT is testing the previous resistance as new support
Updated
According to my previous analysis, the price got a rejection exactly on the daily resistance as I told you. The resistance on 3400$ is so strong and the price needs new liquidity to create a clear breakout from it. At the moment the market is overextended, and we could see a retracement before the new bullish impulse.
On the 4h timeframe, the price is following my previous drawing and the market is testing the previous 4h resistance as new support. The price needs to hold it.
So, IF the price is going to grab new liquidity and gain momentum, we could see a new bullish impulse above the 3460 (new higher high) and if the price is going to retest the previous resistance as new support, we could see a new bullish impulse, where the next resistance could be on 3700.
Otherwise, if the price is going to lose the 3140$ we could see a retest of 3k as new support.
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Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
On the 4h timeframe, the price is following my previous drawing and the market is testing the previous 4h resistance as new support. The price needs to hold it.
So, IF the price is going to grab new liquidity and gain momentum, we could see a new bullish impulse above the 3460 (new higher high) and if the price is going to retest the previous resistance as new support, we could see a new bullish impulse, where the next resistance could be on 3700.
Otherwise, if the price is going to lose the 3140$ we could see a retest of 3k as new support.
––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
Note
The price tested the 0.618 Fibonacci level as I told you. I'd like to see a clear breakout from the daily resistance. The price is following my drawing so farNote
amazing, the price is following exactly my drawing 🤣Check the first analysis to prove it!
Now the price needs to confirm the flip, get liquidity for testing the 3680$ resistance
Note
unbelievable, the price is following my drawing.The price needs to confirm our rules for a new bullish impulse.
Check my first draw on the main analysis
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