The price is testing the first support of the ascending change, where the price created a nice daily candle with a false breakout and hold the 40k support.
In 4h timeframe, the price is going to create a descending channel below the weekly resistance.
Now we need to monitor two levels, the weekly resistance for a long scenario and the daily 4h support for a deep retracement.
So how to approach it?
IF the price is going to have a clear breakout from the weekly resistance (above 42k ) we could see a new bullish impulse on 45k, otherwise if the price is going to lose the 40k, the next valid support is 1.13 Fibonacci Ext, 37k
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Follow the Shrimp 🦐
Keep in mind.
In 4h timeframe, the price is going to create a descending channel below the weekly resistance.
Now we need to monitor two levels, the weekly resistance for a long scenario and the daily 4h support for a deep retracement.
So how to approach it?
IF the price is going to have a clear breakout from the weekly resistance (above 42k ) we could see a new bullish impulse on 45k, otherwise if the price is going to lose the 40k, the next valid support is 1.13 Fibonacci Ext, 37k
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
