The price got a rejection from the M's neckline as I told on the previous analysis exactly on 2830$. On the daily timeframe, the price is still inside a descending channel above an important support 2400$.
The market printed a double top on 3250$.
On the lower timeframe, the price is testing the 0.618 Fibonacci level as new support after the breakout from the 2700$
How to approach?
For a bullish scenario, the price needs to have a clear breakout from 3k resistance with Volume, and retest it as new support.
Otherwise,
If the price is going to lose the weekly support, above 2400, we could see another bearish impulse and the next valid support is 2k
–––––
Follow the Shrimp 🦐
Keep in mind.
The market printed a double top on 3250$.
On the lower timeframe, the price is testing the 0.618 Fibonacci level as new support after the breakout from the 2700$
How to approach?
For a bullish scenario, the price needs to have a clear breakout from 3k resistance with Volume, and retest it as new support.
Otherwise,
If the price is going to lose the weekly support, above 2400, we could see another bearish impulse and the next valid support is 2k
–––––
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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