MKR - Top-Down Analysis!Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.
DAILY: Left Chart
MKR is overall bearish trading inside our orange channel. For the bulls to take over from a long-term perspective, we need a break above the upper orange trendline and 2000 resistance zone in blue.
Meanwhile, since we are approaching a demand zone and round number 1000, we will be looking for buy setups on lower timeframes.
H1: Right Chart
MKR is forming a channel in red but the upper trendline is not valid yet, so we are waiting for a new swing high to form around it to consider it our trigger swing. (projection in purple)
Trigger => Waiting for that swing to form "and then" buy after a momentum candle close above it (gray zone)
Meanwhile, until the buy is activated, MKR can still trade lower inside the demand zone in green. In this case, we will be looking for new buy setups to form.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
