The price is testing the neckline of the inverse head and shoulders. The price created the rounded bottom pattern as well.
How to approach it? the price needs to create a breakout from the neckline with volume and retest it as new support, so According to Plancton's strategy, we can set a nice order ––––– Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ black structure -> <= 1h structure.
––––– Follow the Shrimp 🦐
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An "inverse head and shoulders" is a bullish reversal pattern that appears on a chart of a financial instrument, typically a stock. It is formed when the price falls to a trough (the "left shoulder"), falls even further to a deeper trough (the "head"), and then rises back to the original trough (the "right shoulder"). The pattern is considered a bullish reversal because it indicates that the downtrend may be ending and a new uptrend may be beginning.