FTMUSDT is testing the weekly resistance

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The market is in a critical zone. the price lost the weekly support during the weekend and now the price is testing the previous support as new resistance.

We could see a pullback until the 0.618 Fibonacci level.

How to approach?
We are monitoring the price action, if the price is going to have a rejection from the previous support and the market is going to have another breakout from the current 4h support (around 1.7$) we could see a new bearish impulse. the next valid support is 1.3$.
The setup will be invalidated if the price had a breakout above the 2.2$.

Let's see!
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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.
  

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ملاحظة

the price got a rejection from the weekly resistance as expected, and now the market is testing the previous 4h support as new resistance.
IF the price is going to confirm the breakout, the next valid support is 1.3

٢٢ فبراير ٢٠٢٢

ملاحظة

The price retested the old resistance as new support, and after a breakout, retest again and made more than 14% as I said in our previous analysis!

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ملاحظة

25% so far so good