The price is testing important support on 80$ where the price has the first demand zone. The price tested this area already.
On the 4h timeframe, the price is creating a new low after the breakout from the monthly and 4h support, and now the price is testing the previous dynamic support as new dynamic resistance.
How to approach?
If the price is going to confirm the breakout and the market will have another breakout from the 4h support on 78$ we can add to our watchlist and wait to applying our rules for a new short position.
––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
On the 4h timeframe, the price is creating a new low after the breakout from the monthly and 4h support, and now the price is testing the previous dynamic support as new dynamic resistance.
How to approach?
If the price is going to confirm the breakout and the market will have another breakout from the 4h support on 78$ we can add to our watchlist and wait to applying our rules for a new short position.
––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
Comment:
The price is trying to have a breakout from the 4h support as I told you today.
The price needs to satisfy our rules before a new short position!
Don't miss it!
The price needs to satisfy our rules before a new short position!
Don't miss it!
Comment:
The price is testing the support, bearish if the price is going to have a breakout and satisfy our Rules.
Don't miss it!
Don't miss it!
Comment:
a nice reaction from our key level and no strategies triggered so far.
Still on my watchlist
Still on my watchlist
If the price is going to lose the level, we can apply our rules for a new short position.
A Breakout's not enough, you need to have a strategy, for that reason we are following Plancton's rules.