ETHUSDT is testing the support
The price is testing important support on the daily timeframe at 2570$.
The price got rejections from the dynamic daily resistance .
On the 4h timeframe, the price seems weak, and the market created a head and shoulders where the neckline is the 4h support on 2600-2500.
How to approach?
We are waiting for the next move, for a bearish scenario we need to see a clear breakout with volume and a retest of the neckline as new resistance.
If our rules are going to satisfy, we could open a new short position. The next valid support is 2400-2300 where you can find the weekly support.
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Keep in mind.
Follow the Shrimp 🦐
The price got rejections from the dynamic daily resistance .
On the 4h timeframe, the price seems weak, and the market created a head and shoulders where the neckline is the 4h support on 2600-2500.
How to approach?
We are waiting for the next move, for a bearish scenario we need to see a clear breakout with volume and a retest of the neckline as new resistance.
If our rules are going to satisfy, we could open a new short position. The next valid support is 2400-2300 where you can find the weekly support.
–––––
Keep in mind.
- 🟣 Purple structure -> Monthly structure.
- 🔴 Red structure -> Weekly structure.
- 🔵 Blue structure -> Daily structure.
- 🟡 Yellow structure -> 4h structure.
Follow the Shrimp 🦐
the price is testing the daily support.
If the price is going to have a breakout and retest the 4h support as new resistance, we can add it to our watchlist for a new short position according to our rules