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$.
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Follow the Shrimp 🦐
Keep in mind.
After the bearish impulse, the price is testing the dynamic support on the weekly timeframe.
As you can see from the lower chart, the price created a bearish flag, had a breakout (1.19$), 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.
Nota
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!
Nota
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
Nota
Price hit my target on 0.618 Fibonacci levelNota
27% since my call
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.