The price is creating a descending channel on the daily timeframe after a perfect retest on the 0.618 Fibonacci level on the weekly timeframe.
How to approach?
IF the price is going to have a breakout from the descending channel and retest the previous resistance as new support, we can add to our watchlist and wait for applying our rules. Of course, is not enough to see just a breakout, you need to have a strategy ––––– Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
Bình luận
I told you, Beware about the engulfing candle! The price got a rejection exactly from our structures, the daily dynamic resistance, and 4h static resistance and now the price is going to retest the 0.5 Fibonacci level
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