ETHUSDT is testing the 0.618 Fibonacci level

23 feb 2022

The price bounced on the 2600$ support so far and it's going to retest the 0.618 Fibonacci level on the 4h timeframe on the daily dynamic resistance.

The market created an M pattern on a daily and 4h timeframe and the price retested its neckline already.

How to approach?
we could see another bearish impulse below the key level 2500$ and the next valid support is 2400$. The price should have a breakout from this support with volume after the first false breakout. The price is looking for a new higher low on the 4h timeframe. The setup is invalid if the price is going to have a clear breakout of 2800-2900$

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Follow the Shrimp 🦐

Keep in mind.

• 🟣 Purple structure -> Monthly structure.
  
• 🔴 Red structure -> Weekly structure.
  
• 🔵 Blue structure -> Daily structure.
  
• 🟡 Yellow structure -> 4h structure.
  

23 feb 2022

Nota

The price got a rejection from the 0.786 Fibonacci level. If the price is going to lose the support, we could see a new bearish impulse until 2400.
Let's see

24 feb 2022

Nota

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