The daily chart shows us that the current trend is upwards with higher highs and higher lows.
On the 4 hour chart, we have price trading in a falling wedge for the past 28 days. Combining this with the daily uptrend, this current downtrend on the 4 hour is considered a pause that will eventually explode to the upside, and resume the daily uptrend
Price recently formed a red shooting star candle on high volume, signaling a short term reversal.
An opportunity exists for a short term trade targeting the nearest clustered support zone with a stop loss placed slightly outside the shooting star candle, thus granting a 1:2 RR trade.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.