the price had a breakout from the daily support on 2560$. the market grabbed liquidity from the old lowes and now is testing the previous dynamic support as new resistance.
On the lower timeframe, the price had a false breakout from the 4h support.
How to approach?
For a bearish scenario, the price needs to have a new breakout from the new lows on 2500 and confirm it. If the price is going to satisfy our rules, we could open a new short position with the first valid support on 2300$
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Follow the Shrimp 🦐
Keep in mind.
On the lower timeframe, the price had a false breakout from the 4h support.
How to approach?
For a bearish scenario, the price needs to have a new breakout from the new lows on 2500 and confirm it. If the price is going to satisfy our rules, we could open a new short position with the first valid support on 2300$
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
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