Hey guys!
Looking for a break in the current descending channel, two valid options
1) Price will regain bearish momentum to test the current channel support before channel breakout, from there price will then retest previous resistance to continue bullish trend.
2) Price will retest channel resistance before continuing bearish trend to historic level of support before bullish channel break.
I don't see price breaking past the channel support as that area has historically acted as a strong level of support.(Monthly&Weekly confirmed)
My confirmations are based also on candlesticks,channels, price action and time confluence.
As always if you agree hit me with a like, if not leave your opinions below I love to hear them! :)
Happy Trading
Looking for a break in the current descending channel, two valid options
1) Price will regain bearish momentum to test the current channel support before channel breakout, from there price will then retest previous resistance to continue bullish trend.
2) Price will retest channel resistance before continuing bearish trend to historic level of support before bullish channel break.
I don't see price breaking past the channel support as that area has historically acted as a strong level of support.(Monthly&Weekly confirmed)
My confirmations are based also on candlesticks,channels, price action and time confluence.
As always if you agree hit me with a like, if not leave your opinions below I love to hear them! :)
Happy Trading