The price was rejected from the daily resistance on 96$ after a false breakout from the dynamic resistance, as you can see from the daily chart.
After the rejection the price retested the dynamic 4h support as new resistance and got liquidity from the new bearish impulse.
At the moment the price is testing the 0.786 Fibonacci level as new support.
How to approach?
We are monitoring the price, we could see a new bounce above the 4h resistance on 69$. If the price will not confirm the flip, we could see a new breakdown and retest of 61$, the dynamic support area.
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Follow the Shrimp 🦐
Keep in mind.
After the rejection the price retested the dynamic 4h support as new resistance and got liquidity from the new bearish impulse.
At the moment the price is testing the 0.786 Fibonacci level as new support.
How to approach?
We are monitoring the price, we could see a new bounce above the 4h resistance on 69$. If the price will not confirm the flip, we could see a new breakdown and retest of 61$, the dynamic support area.
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
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