The price had a huge rejection from the 0.618 Fibonacci level on the weekly timeframe (the upper chart) and created a Double top.
After the bearish impulse, the price is testing the dynamic support on the weekly timeframe.
As you can see from the lower chart, the price created a bearish flag, had a breakout (1.19$), retested the previous support as new resistance, and got a new bearish impulse until the 0.74
How to approach?
We expect an upside move until the 0.618 Fibonacci level (0.87$).
The scenario is going to change from bearish to bullish if the price is going to have a breakout from 1$.
–––––
Follow the Shrimp 🦐
Keep in mind.
After the bearish impulse, the price is testing the dynamic support on the weekly timeframe.
As you can see from the lower chart, the price created a bearish flag, had a breakout (1.19$), retested the previous support as new resistance, and got a new bearish impulse until the 0.74
How to approach?
We expect an upside move until the 0.618 Fibonacci level (0.87$).
The scenario is going to change from bearish to bullish if the price is going to have a breakout from 1$.
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
Note
The price is testing an important area, as you can see the market is on the Dynamic and support zone.We could see a pullback on the 0.618 Fibonacci level on the previous support now new resistance.
Again, Avoid opening a short position on support!
Note
As I said in the first analysis, we need to understand the market structures and avoid to short the weekly or daily support.The price had a pullback as expected and tested the 0.618
Note
Price hit my target on 0.618 Fibonacci levelNote
27% since my call
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.