The price is testing the weekly resistance on 20$ after a perfect bounce on the dynamic and monthly support (the purple one). On the previous idea, we were waiting for a short position if the price would have broken the structure, so our strategy never triggered.
In the current scenario, the price is testing the weekly resistance and the dynamic daily one, at 20$.
How to approach?
We are monitoring the price, we want to see a breakout from the 20$ with volume and retest of the previous resistance as new support. The breakout is not enough, the price needs to satisfy our rules for a new long position
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Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
In the current scenario, the price is testing the weekly resistance and the dynamic daily one, at 20$.
How to approach?
We are monitoring the price, we want to see a breakout from the 20$ with volume and retest of the previous resistance as new support. The breakout is not enough, the price needs to satisfy our rules for a new long position
––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
Comment:
The price is following my drawing, now we need to see a breakout from the weekly structure!
We need to see a clear breakout for the bullish scenario.
don't miss it