ETHUSDT is testing the Key Level
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The price had a rejection from the monthly resistance on the 3560 after a breakout from the 3100$ weekly resistance.
On the daily timeframe (upper chart) the price is testing the previous resistance as new support on the 0.382Fibonacci level, it's a key level for the retracement.
In the 4H timeframe, the price is testing the W neckline as support and got a rejection from the M pattern on the 4h Timeframe.
How to approach?
For a bullish scenario, the price needs to have a breakout from the 4h resistance (M's neckline). It's not enough to see just a breakout, the market needs to satisfy our rules, but a breakout could be the first sign.
Otherwise, if the price is going to lose the daily and the weekly, the next valid support will be the 0.618 fibonacci level 2900$
––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
On the daily timeframe (upper chart) the price is testing the previous resistance as new support on the 0.382Fibonacci level, it's a key level for the retracement.
In the 4H timeframe, the price is testing the W neckline as support and got a rejection from the M pattern on the 4h Timeframe.
How to approach?
For a bullish scenario, the price needs to have a breakout from the 4h resistance (M's neckline). It's not enough to see just a breakout, the market needs to satisfy our rules, but a breakout could be the first sign.
Otherwise, if the price is going to lose the daily and the weekly, the next valid support will be the 0.618 fibonacci level 2900$
––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
Ghi chú
The price is testing the M neckline as new resistance. We need to wait for the next move!
Patience is the Key
Ghi chú
The price is going to test the weekly support as new resistanceGhi chú
5% after my call
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