The price created a double top on the daily time frame and now the market is testing the 0.786 Fibonacci level.
On the 4h timeframe, the price got a rejection from the previous daily resistance now new support on 5$.
How to approach?
If the price is going to lose the current support, 4.6$, and retest it as new resistance, we can add in our watchlist and apply our rules for opening a new short position until the next valid support on 0.886 Fibonacci level around 4$.
the scenario is invalidated if the price is going to have a breakout from the 5$ area and retest it as new support.
––––
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 got a rejection from the previous daily resistance now new support on 5$.
How to approach?
If the price is going to lose the current support, 4.6$, and retest it as new resistance, we can add in our watchlist and apply our rules for opening a new short position until the next valid support on 0.886 Fibonacci level around 4$.
the scenario is invalidated if the price is going to have a breakout from the 5$ area and retest it as new support.
––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
Catatan
The price had a false breakout from the daily resistance. If the price is going to lose the 4h support we could see a new bearish impulseCatatan
The price is testing the breakout as I told you! Catatan
The price is testing the 4h support right now. We are waiting for our rules, I need confirmations
Catatan
As I told you the price lost the support and retest it as new resistance.5% so far 🎯
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