The price had a rejection from the monthly resistance on the 3560 after a breakout from the 3100$ weekly resistance.
On the daily timeframe (upper chart) the price is testing the previous resistance as new support on the 0.382Fibonacci level, it's a key level for the retracement.
In the 4H timeframe, the price is testing the W neckline as support and got a rejection from the M pattern on the 4h Timeframe.
How to approach?
For a bullish scenario, the price needs to have a breakout from the 4h resistance (M's neckline). It's not enough to see just a breakout, the market needs to satisfy our rules, but a breakout could be the first sign.
Otherwise, if the price is going to lose the daily and the weekly, the next valid support will be the 0.618 fibonacci level 2900$
––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
On the daily timeframe (upper chart) the price is testing the previous resistance as new support on the 0.382Fibonacci level, it's a key level for the retracement.
In the 4H timeframe, the price is testing the W neckline as support and got a rejection from the M pattern on the 4h Timeframe.
How to approach?
For a bullish scenario, the price needs to have a breakout from the 4h resistance (M's neckline). It's not enough to see just a breakout, the market needs to satisfy our rules, but a breakout could be the first sign.
Otherwise, if the price is going to lose the daily and the weekly, the next valid support will be the 0.618 fibonacci level 2900$
––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
Comment:
The price is going to test the weekly support as new resistance
Comment:
5% after my call
We need to wait for the next move!
Patience is the Key