Hello, everybody, and welcome to my TradingView’s profile, my name is Gianni and today I’m going to analyse the asset, translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities. My ideas are for those who are interested in improving their financial education and for those who are looking for new trading opportunities, according with their own strategies.
Monthly timeframe:
Weekly timeframe:
Daily timeframe:
4 hours timeframe:
The price’s almost reached the high value line of the channel and it will retest it soon. Considering a rejection from a strong demand zone and the most trading activity on the higher part of the previous channel, there is a possibility of a trend change from downtrend to neutral and then, eventually, a movement to the upside.
When, where and why would I step into the market? Before entering long in this market, I will be waiting for the price to break the previous downtrend channel, consolidating for a while on the bottom of the new channel (I’m looking for a consolidation to have more sign of demand), then I’ll be looking for a good entry point with a RRR of 1:2 or greater.
My SL would be on the bottom of the new channel and the first TP on the middle line of the uptrend channel.
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Trade safe and responsibly, Gianni
DISCLAIMER Please note the views are not investment advice and should be used only for educational purpose