The price created a falling wedge on the daily timeframe and had a nice breakout from it and from the weekly resistance (21.20$)
On the daily timeframe, the price is creating a diamond pattern after a rejection form the 22.25$
How to approach?
For a long scenario, the price needs to have a breakout from the Diamond pattern and 4h resistance and retest it as new support.
Otherwise, if the Diamond pattern is confirmed, we could see a retracement on 0.618 Fibonacci level for new liquidity and a new bullish impulse.
––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
On the daily timeframe, the price is creating a diamond pattern after a rejection form the 22.25$
How to approach?
For a long scenario, the price needs to have a breakout from the Diamond pattern and 4h resistance and retest it as new support.
Otherwise, if the Diamond pattern is confirmed, we could see a retracement on 0.618 Fibonacci level for new liquidity and a new bullish impulse.
––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
Note
the price needs to flip the 4h resistance on 24$ for the bullish continuation.We could see a retracement until the 0.5 Fibonacci level
no trade zone so far
Note
The price is testing the major resistance on 23$We are waiting for the breakout!
A nice retest on 0.382Fibonacci level. I want to see a new breakout from it!
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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.