The price is creating a big descending channel on the daily timeframe as you can see on the upper chart (daily one), the price is losing the 90$ support right now.
It's an important one, as you can see on the left the price tested that area several times.
How to approach?
IF the price is going to retest the previous support as new resistance, and the market is going to satisfy our rules, we can open a new short position. The next valid support is the 0.786 Fibonacci level on the Weekly timeframe (around 73$)
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Follow the Shrimp 🦐
Keep in mind.
It's an important one, as you can see on the left the price tested that area several times.
How to approach?
IF the price is going to retest the previous support as new resistance, and the market is going to satisfy our rules, we can open a new short position. The next valid support is the 0.786 Fibonacci level on the Weekly timeframe (around 73$)
–––––
Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
Congrats to everyone