The price had a breakout from the rising wedge as I told in the previous analysis (www.tradingview.com/...ting-a-rising-wedge/) and after a bounce on the 37300 the price is testing the previous support as new resistance.
On the daily timeframe the price goi a rejection from our Daily resistance and supply zone, exactly on 39560.
How to approach?
We could have a bullish scenario if the price is going to have a breakout from 42k and retest is as new support. In that case, the price will have a breakout from the supply zone and dynamic resistance as well.
Otherwise, if the price is going to have a new rejection from the old support (38400-39000) we could see a new breakout from the current support (37k) If the price is going to confirm the breakout, the next valid support is 35k on the weekly one.
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Follow the Shrimp 🦐
Keep in mind.
On the daily timeframe the price goi a rejection from our Daily resistance and supply zone, exactly on 39560.
How to approach?
We could have a bullish scenario if the price is going to have a breakout from 42k and retest is as new support. In that case, the price will have a breakout from the supply zone and dynamic resistance as well.
Otherwise, if the price is going to have a new rejection from the old support (38400-39000) we could see a new breakout from the current support (37k) If the price is going to confirm the breakout, the next valid support is 35k on the weekly one.
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
The price needs to flip the 40k to change the bias from bearish to bullish.
42k remains the safe place, but if the price is going to lose 37500, the next support is 35k
Let's see