Multiple Time Frame Analysis in Crypto Technical Analysis

Multiple time frame analysis is simply technical analysis that involves carrying out analysis on a particular cryptocurrency asset on different time frames to get a clear understanding of the market direction and trends so as to make the best swing trading decisions. When doing multiple time frame analysis, the swing trader would monitor a particular cryptocurrency asset on different time frames, to understand the market trend over a particular time period.

Since swing trading involves holding a particular cryptocurrency asset for a period of time, like multiple days or weeks, multiple time frame analysis would involve doing analysis on that cryptocurrency asset on multiple time frames up to months to get a clearer understanding of the market trend. I will be doing multiple time frame analysis on ENJ/USDT pair, focusing on hourly, daily, weekly and monthly charts.

Monthly Chart - ENJ/USDT

When we look at the monthly chart of the ENJ/USDT pair, we can see that the market has been moving in an upward direction, the price has moved from $0.0489 to $2.5440. We have also seen an increase in volume since. The price broke above $2.5440 but immediately retraced back down below to the $1.66 price level.

Weekly Chart - ENJ/USDT

We can see from the weekly chart the different support and resistance price points. The market is in a correction, it has moved from uptrend to a downtrend. We can see the latest support level at $0.9222. There is a previous support at $1.9737 and resistance on $3.1143 and $2.6688. We have also seen a drop in the volume which shows that there is a decrease in interest in the market.

Daily Chart - ENJ/USDT

The daily chart shows that the market is moving in a downtrend. Looking at the 10EMA and the 20EMA, the 10EMA has crossed above the 20EMA which confirms the market in a downtrend. The price has moved from $3.4182 all the way down to 0.9393 and is correcting with a current price of $1.6678.

4 Hour Chart - ENJ/USDT

We can see from the 4 hour chart, we can see that the trend is taking a U turn and is moving in an uptrend direction. The price has moved from $0.8454 to $1.6435. We could see the price retest the resistance level at $1.9737 sooner than later. We can also see that the volume is picking up momentum, which is a good sign of increased market interest.