On the weekly timeframe suggests that the price is currently testing previous lows. However, it appears that the price has bounced off of a key support level and broke out of a descending channel. This could indicate a potential trend reversal, with the price potentially moving higher.
The next key level to watch for is the 1630$ level, as this area has previously acted as resistance. If the price is able to break above this level, it could be a sign of a bullish trend and traders may look to enter long positions. On the other hand, if the price fails to break above this level and instead falls back below it, it could be a sign that the bearish trend is continuing and traders may look to enter short positions.
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Follow the Shrimp 🦐
Keep in mind.
The next key level to watch for is the 1630$ level, as this area has previously acted as resistance. If the price is able to break above this level, it could be a sign of a bullish trend and traders may look to enter long positions. On the other hand, if the price fails to break above this level and instead falls back below it, it could be a sign that the bearish trend is continuing and traders may look to enter short positions.
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Follow the Shrimp 🦐
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
- ⚫️ Black structure -> <= 1h structure.
Comment:
The price is testing the resistance
Comment:
Consolidation below the resistance
