The price is testing the daily dynamic support on the daily timeframe inside a descending channel. The market bounced on the weekly support on 338$
On the 4h timeframe, the price is creating a descending channel above the weekly support and below the daily resistance, It had two false breakouts from the descending channel and now is trying to retest the daily resistance on 400$
How to approach?
IF the price is going to have a clear breakout from the daily resistance and 4h descending channel and retest the resistance into new support, According to Plancton's strategy, we can set a nice order. The Setup will be invalid if the price is going to lose the weekly support.
–––––
Keep in mind.
Follow the Shrimp 🦐
On the 4h timeframe, the price is creating a descending channel above the weekly support and below the daily resistance, It had two false breakouts from the descending channel and now is trying to retest the daily resistance on 400$
How to approach?
IF the price is going to have a clear breakout from the daily resistance and 4h descending channel and retest the resistance into new support, According to Plancton's strategy, we can set a nice order. The Setup will be invalid if the price is going to lose the weekly support.
–––––
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
Follow the Shrimp 🦐
