The price is testing a critical zone on the dynamic support and static support as well on 14.5$.
On the daily timeframe, the price is creating a descending channel after a false breakout from the 50$ resistance.
On the 4h timeframe, we can see that the price is testing the dynamic support after a breakdown from the static one.
How to approach?
IF the price is going to have a breakout from it and retest the previous support as new resistance, we can add in our watchlist and wait for apply or rules in order to open a new short position with a very nice risk reward.
The next valid support is 10$.
The scenario is invalidated if the price is going to have a breakout (above 17.5$) from the descending channel with volume and retest the support.
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Follow the Shrimp 🦐
Keep in mind.
On the daily timeframe, the price is creating a descending channel after a false breakout from the 50$ resistance.
On the 4h timeframe, we can see that the price is testing the dynamic support after a breakdown from the static one.
How to approach?
IF the price is going to have a breakout from it and retest the previous support as new resistance, we can add in our watchlist and wait for apply or rules in order to open a new short position with a very nice risk reward.
The next valid support is 10$.
The scenario is invalidated if the price is going to have a breakout (above 17.5$) from the descending channel with volume and retest the support.
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
Wait for a bearish impulse for a new short position. Wait for applying our rules.
let's see