The price had a breakout from the descending channel on the daily timeframe and got a rejection from the daily resistance on 0.0035.
on the 4h Timeframe the price is testing the 0.886 Fibonacci level on the daily support.
how to approach?
The price is creating a descending channel on the 4h timeframe and it's testing the daily support as I said above, so, If the price is going to have a breakout from the descending channel and flip the 4h resistance to the new support, we could see a pullback until the weekly resistance around d0.003 if our rules are going to satisfy
––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
on the 4h Timeframe the price is testing the 0.886 Fibonacci level on the daily support.
how to approach?
The price is creating a descending channel on the 4h timeframe and it's testing the daily support as I said above, so, If the price is going to have a breakout from the descending channel and flip the 4h resistance to the new support, we could see a pullback until the weekly resistance around d0.003 if our rules are going to satisfy
––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
Note
A perfect bounce on the daily support as I told you. Now I want to see a clear breakoutNote
The price had a breakout as I told you, now the market needs to confirm the new supportNote
15% since my idea
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Related publications
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.