The market got a rejection exactly from the weekly resistance of 0.29$ and the price is going to create a pennant on the daily timeframe.
On the 4h timeframe, the price is going to retest the 0.25$ resistance on the M's neckline. As you can see on the 4h timeframe (the lower one) the price created a double top of 0.29$.
How to approach?
We could see a pullback on the previous support now resistance and a new bearish impulse until the dynamic support on 0.24$
––––
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 going to retest the 0.25$ resistance on the M's neckline. As you can see on the 4h timeframe (the lower one) the price created a double top of 0.29$.
How to approach?
We could see a pullback on the previous support now resistance and a new bearish impulse until the dynamic support on 0.24$
––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
Note
We could see a retest of the dynamic daily support. let's seeNote
10% so farNote
14% so far 😎more if the price is going to lose the daily support
Note
18% so farTrade closed: target reached
25% since my idea
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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.