On the upper chart (weekly timeframe) the price is testing the previous weekly resistance as new support, 0n 0.5 - 0.618 Fibonacci level.
The current Weekly candle needs to close above the weekly structure.
On the daily timeframe, the price is creating a channel between the monthly structures (32k and 48k)
on the 4h timeframe, the price is creating an ascending channel and the price is testing the 0.786 Fibonacci level on the weekly support.
How to approach?
The price is in a key zone.
If the price is going to hold the weekly support we could see a bounce until the previous daily resistance on 44800, where the price has the M's neckline.
Otherwise, If the price is going to lose the support, the next Valid support si 40k
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Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
The current Weekly candle needs to close above the weekly structure.
On the daily timeframe, the price is creating a channel between the monthly structures (32k and 48k)
on the 4h timeframe, the price is creating an ascending channel and the price is testing the 0.786 Fibonacci level on the weekly support.
How to approach?
The price is in a key zone.
If the price is going to hold the weekly support we could see a bounce until the previous daily resistance on 44800, where the price has the M's neckline.
Otherwise, If the price is going to lose the support, the next Valid support si 40k
––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
The weekly candle must close above it!