The price retested the Fibonacci levels before the reversal, In this analysis I start from the monthly timeframe and draw the Fibonacci levels with the Fibonacci tool, and we can notice that the price tested the level 0.786 on the weekly timeframe with a double bottom on it.
On the 4h timeframe the price had a breakout from the first supply zone (check my previous analysis) and now the price is testing a new supply zone on the 3200$ where the market has the Fibonacci confluence.
How to approach?
The price needs to have a new breakout with volume from it, and flip the 3260$ from resistance to support, According to Plancton's strategy, we can set a nice order
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Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
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Follow the Shrimp 🦐
Note
The best scenario is the breakout above the 3260$ 🦐Note
The price is testing the daily resistance at 3200$ after a first attempt.We need to see a clear breakout from it with momentum and volume!
Let's see!
Note
The price needs to have another breakout from the resistance.
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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.
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.