When analyzing the financial market it is very important to start with the higher timeframe. This is because this is the timeframe for the big boys, the whales, the big institutions, the big fish, the Dons, whatever their being called. This is the arena where they play. On this bed is where they fuk and leave the small fish fukep up. That is why I prefer starting my analysis from the bigger picture. The farther you are away the more views you are can have.
On a monthly timeframe we can see that after the support is reached at around USDT 0.200 region the coin has been moving gradually and steadily in an obvious bounce of the trendline. Right now it is trading around 0.5767 after having a rejected taste of the trendline. On this monthly scenario we can expect the market to move and close around 0.8000 nd 1.000.
On the Weekly timeframe, we are experiencing consolidation. However, since the bullish engulfing candle in July of 2023, there has not been any bearish candle closing below it. Which in turns indicate that we are still very much bullish in this scenario. I have optimism that if the right entry is taken, profit can be achieved on a higher funds.
On a dally timeframe we have already experienced a confluence of the trendline and the test of of the former support. This former support is now acting as a resistance at 0.5771 area.
In conclusion on a more realistic level I stop my analysis on the daily and look for an entry on the smaller time frame talking about the 4H and 1H timeframes. This is the best place to do your research. Most times, the decider whether a trader makes profit is the entry point. That point where you penetrate the market.
NOTE: This is just a personal analysis and not a financial advice. It is very important to do your own research before taking a trade. Also trading should be done with funds that one will not be pained when lost
HAPPY ENTRY HAPPY PROFIT
