ETHUSDT is testing the support

12 mar 2022

The price is testing important support on the daily timeframe at 2570$.
The price got rejections from the dynamic daily resistance .

On the 4h timeframe, the price seems weak, and the market created a head and shoulders where the neckline is the 4h support on 2600-2500.

How to approach?
We are waiting for the next move, for a bearish scenario we need to see a clear breakout with volume and a retest of the neckline as new resistance.
If our rules are going to satisfy, we could open a new short position. The next valid support is 2400-2300 where you can find the weekly support.
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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 🦐

13 mar 2022

Nota

Nothing changed.
the price is testing the daily support.
If the price is going to have a breakout and retest the 4h support as new resistance, we can add it to our watchlist for a new short position according to our rules