Choppy Price Action Sparks Speculation of Upcoming Market Shift

We are currently witnessing a gradual descent from the Monthly spike that occurred in February 2020. On the lower time frames, the price action has become quite choppy, with each new low promptly followed by a quick retracement upward.

This choppy behavior suggests the possibility of a long-term reversal in the making. I have identified two key targets that the price might aim for before experiencing a potential upward movement. The first target is a weekly support/low level at 0.562, while the second target is the 2020 spike low at 0.532.

Personally, I believe that 0.562 might serve as a more reasonable target. Therefore, I am planning to gradually build a position as the price approaches this level. Nevertheless, it's essential to be prepared for the possibility that the price might not reach that far down. Consequently, I will start monitoring daily signals on my TRFX indicator as the price falls below 0.575.

My trading strategy for this trade will be to focus on the SUPPLY/SELL zone, clearly marked in red on the chart, starting around 0.61. I anticipate that the price will be drawn towards this level.

As for the stop loss placement, it will depend on the precise signal I receive, but it will definitely be set below 0.56. This approach is aimed at managing potential risks effectively.