*** Trade at your own risk! *** *** Not every idea is also traded by us ***
Hi Traders! In the following you'll see a Multiple Timeframe Analysis. It includes a screenshot and afterwards some bullet points.
Monthly TF:
- Strong monthly Trendline got broken - Now price is retesting it - If the Retest is successful, an Up-Movement is very likely - We can see signs that the Retest is successful, because there are Wicks which shows Rejection
--> Up-Movement expected
Weekly TF:
- Additionally to the Monthly TF, the mostly respected 61,8% Fibonacci Level increases the strength of this Support
Daily TF:
- Break of daily descending Trendline - Now price retests the descending TL - Price gets support at the ascending TL - Downtrends with its LHs and LLs ends --> Now we have HHs and HLs
--> Trend Change
H4-TF:
- A successful Retest could be performed via the Inverted Head and Shoulders Pattern - If the market breaks the upper Resistance Area, an Up-Movement is very likely
H1 TF:
- MACD Oscillator showing bullish Divergence
If you have any questions, another POV or anything else to share, feel free to do so!