The price bounced on the monthly support of 100$ after a false breakout from it.
On the daily timeframe, the price is creating a falling wedge exactly on the monthly support.
In 4h timeframe, the price is testing the resistance on 115 after a first breakout.
How to approach?
If the price is going to have a breakout from the 4h resistance and dynamic daily resistance and retest 120$ as new support, according to Plancton's rules we can look for a new long position. A breakout is not enough, you need a strategy
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Keep in mind.
Follow the Shrimp 🦐
On the daily timeframe, the price is creating a falling wedge exactly on the monthly support.
In 4h timeframe, the price is testing the resistance on 115 after a first breakout.
How to approach?
If the price is going to have a breakout from the 4h resistance and dynamic daily resistance and retest 120$ as new support, according to Plancton's rules we can look for a new long position. A breakout is not enough, you need a strategy
–––––
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
Follow the Shrimp 🦐
