The price is creating a pennant on weekly support of 44200$ after a rejection from 47k, where the market has a supply zone.
on the daily timeframe, the price is testing the previous resistance as new support.
How to approach?
The price is creating a pennant and retesting the lower trendline. The price needs a new breakout from it and flip the 47k resistance into support and satisfy our rules.
The scenario is invalidated if the price is going to lose the 44200$
According to Plancton's strategy, we can set a nice order
–––––
Keep in mind.
Follow the Shrimp 🦐
on the daily timeframe, the price is testing the previous resistance as new support.
How to approach?
The price is creating a pennant and retesting the lower trendline. The price needs a new breakout from it and flip the 47k resistance into support and satisfy our rules.
The scenario is invalidated if the price is going to lose the 44200$
According to Plancton's strategy, we can set a nice order
–––––
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
Follow the Shrimp 🦐
Comment:
The price needs to hold the weekly support on 44260.
