The price is creating a descending channel on the daily timeframe after a false breakout on 2.6$ area. The price retested the previous support as new resistance and the market started with a descending channel.
The price got a bounce on the dynamic weely support and now it's testing the breakout of it. On the 4h timeframe the price had a breakout of the weekly support and retested as new resistance.
How to approach? We are monitoring the price action, we could see a retest of the weekly confluence where the price could get new liquidity for a new bearish impulse. According to Plancton's strategy, we can set a nice order
The setup is invalidated if the price is going to have a breakout with a retest of the weekly structures around 1.6$ ––––– Keep in mind.