Analysis Using Top-Down Approach
Daily Timeframe
The market structure is in an uptrend with higher high. However, the price has retraced to the higher low, which is a strong demand zone. Wait and see what the price will do next before entering for a trade.
Update
Wait and see where the price is going. It might go down to the support.
Update
Price has come down to the demand zone.
4 Hours Timeframe
Wait and see where the price will go.
Update
Update
Wait and see what the price will do.
1 Hour Timeframe
Wait and see what the price will do when it reaches the supply zone. It might come back down to continue the downtrend. If so, enter for a sell.
If it breaks through the lower high, it signals a reversal. Look to enter for a buy.
Set alert at 0.6535.
