On the weekly chart shows the trend is down and the horizontal support zone is backtested. In the daily chart shows that this backtest was in corrective style with choppy waves in a flat rising channel. On the 4H chart there is an impulse decline and break out of the channel not to mentioned that there was a breakout back also. So backtest of the backtest is good-looking. These signs empower my bearish view.
On the 1H chart shows the last rising has a five wave structure! That's why I expect to see one more, the last backtest before going down.
We can take the chance at the moment or wait for another breakout sign as my trading strategy on the chart. This decision is about RR and the aggressive or conservative style of trading. It depends on you.
Important Always use stop order, cutting losses, this is one of the essential elements of your risk management and if you would like to be an independent investor then you must be the master of risk management.
Disclaimer Reserved the right to make changes the content on this analysis at any time without notice and is provided for the sole purpose of assisting traders to make independent investment decisions.