The price is going to retest the previous resistance as new support on the 0.786 Fibonacci level.
We can see how the price is testing the dynamic support and static support on the weekly timeframe.
On the daily timeframe, the market is creating a descending channel.
Usually, we avoid opening a short position above the weekly structures, for that reason we are monitoring for a new inverse movement
How to Approach?
IF the price is going to have a breakout from the descending channel and weekly resistance, we can add to our watchlist and wait for applying our rules.
It's not enough to see a breakout from the descending channel, you need to have a stratey.
–––––
Follow the Shrimp 🦐
Keep in mind.
We can see how the price is testing the dynamic support and static support on the weekly timeframe.
On the daily timeframe, the market is creating a descending channel.
Usually, we avoid opening a short position above the weekly structures, for that reason we are monitoring for a new inverse movement
How to Approach?
IF the price is going to have a breakout from the descending channel and weekly resistance, we can add to our watchlist and wait for applying our rules.
It's not enough to see a breakout from the descending channel, you need to have a stratey.
–––––
Follow the Shrimp 🦐
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 test the weekly resistance.The market is following my drawing!
Big Potential!
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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.
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.