You'll discover the behavior of the market for the daily, H4 and H1 Timeframe. This is called the Multiple Timeframe Analysis (mtfa). So let's start with the daily:
At first we drew the most important (turquoise) Levels. Then we drew the descending and at last the ascending Trendline. The connection of those trendline results a Triangle.
This Triangle isn't bullish or bearish; it's neutral. But the bearish pressure is higher, because of: - You already know the market is in a Downtrend. - The 50 EMA is resisting and touching the price.
Now we switch to the H4-Timeframe:
Here we analyzed the price action behavior of the Up- and Down-Movements. As you can see, the Down-Movements are more aggressiv and more straight then the Up-Movements. Of course it is sometimes the otherway round, but mostly it is like this.
Finally, we get to the H1-Timeframe:
The market is moving in a ascending Parallel Channel. Pay attention to this: The most recent high was lower than the High before. So this was lower high. In addition the price reached the D1-Trendline.
Our Trading Plan is this: If the price breaks and closes below the Channel, we short. The SL is above the recent High, the TP at next conservative Level.
We recommend to trade the market with a Risk-to-Reward ratio (RTR) of at least 1 to 1.5.