The price is creating a descending channel on the daily timeframe, and now the market is testing the daily support on the 1.13 Fibonacci level on the daily support.
On the 4h timeframe, the price is testing the descending channel between weekly and daily structures and the market is testing the 0.382 Fibonacci level right now.
How to approach?
The price needs to get bullish momentum and volume, create a new breakout from 1$ and flip the 0.618 Fibonacci resistance as new support, around 1.10$.
In that case, we can add in our watchlist and wait for applying our rules for a new long position.
Otherwise, if the price is going to lose the 0.78$ support, we could see a new bearish impulse
––––
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 is testing the descending channel between weekly and daily structures and the market is testing the 0.382 Fibonacci level right now.
How to approach?
The price needs to get bullish momentum and volume, create a new breakout from 1$ and flip the 0.618 Fibonacci resistance as new support, around 1.10$.
In that case, we can add in our watchlist and wait for applying our rules for a new long position.
Otherwise, if the price is going to lose the 0.78$ support, we could see a new bearish impulse
––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
評論:
the price is testing the 1$ resistance where the price has the Monthly resistance. We need to see a clear breakout from that area with nice Volume.
Let's see!
Let's see!
Let's see