The price bounced on the 2600$ support so far and it's going to retest the 0.618 Fibonacci level on the 4h timeframe on the daily dynamic resistance.
The market created an M pattern on a daily and 4h timeframe and the price retested its neckline already.
How to approach? we could see another bearish impulse below the key level 2500$ and the next valid support is 2400$. The price should have a breakout from this support with volume after the first false breakout. The price is looking for a new higher low on the 4h timeframe. The setup is invalid if the price is going to have a clear breakout of 2800-2900$
––––– Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
הערה
The price got a rejection from the 0.786 Fibonacci level. If the price is going to lose the support, we could see a new bearish impulse until 2400. Let's see
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