The market lost the support on 2460$ and retested as new resistance before a new bearish impulse until the monthly support on 1800$
The price is creating a pennant on the 4h timeframe, and the market created the demand zone on 1800$
How to approach it?
IF the price is going to grave new liquidity from the demand zone, we can add in our watchlist in order to apply our rules for a new long position
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Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
Note
The price is going to grab new liquidity from the demand zone above the monthly support.Let's see if the price starts with a reversal movement.
the ETH merge is coming in the summer
Note
The price is following my drawing. Now we will wait until the end of the day to understand the market.
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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.