the price is creating a descending channel on the monthly support on the daily timeframe. The market is testing an important resistance right now on the 162$.
On the 4h timeframe, we can see a breakout from the 4h dynamic resistance.
How to approach? We are waiting for a breakout from the 160$ and retest the current resistance as new support. Only if the price is going to satisfy our rules we can open a new long position ––––– Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
บันทึกช่วยจำ
The price created a double bottom on the weekly support and now it's testing the daily resistance on 160$. We want to see a clear breakout from that level!