TOP DOWN ANALYSIS FOR KAVAUSDT
Note
On the daily timeframe, we can spot a head and shoulders which the neckline has been broken and retested twice and price has not made any strong bearish move since then. Instead, it has been resting on a major support zone.
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On a 4 hour timeframe, we have seen that a confirmed downward trendline accompanied by a fake out had been broken and made a strong bullish move before coming to retest it again on the support zone. It is now clearly seen that market has been in range since September till date.
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Because of the strong bearish formation we have on the daily and the bullish formation we have on the lower timeframes, we would look forward to get a short term buy within the range while looking forward to sell long term when price breaks the support zone price is currently resting on.Note
I would wait patiently for price to break the first and second resistance line then the upper resistance zone before going bullish while having proper risk management at hand. I would suggest having a take profit before the major resistance zone in the range.
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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.