For the first time since April 13, price has managed to break above the key resistance level, as indicated by the green line. Now that price is above this critial level, two scenrios can play out here.
1. Price holds the green support level and move to test the top end channel.
2. False breakout. Price consolidates back below the green support level. Look for more potential downside.
1. Price holds the green support level and move to test the top end channel.
2. False breakout. Price consolidates back below the green support level. Look for more potential downside.