Between the channel-lines, starting at high 1 (H1), the RSI is indicating a change in direction to the downside showing selling pressure which continues to high 3 (H3) where it starts to shift in direction gradually as the selling pressure is slightly lifted. The MACD shows a cross-over at H1 to indicate an over-bought position with a change in direction (or momentum) due to selling pressure. Another cross-over occurs at H3 showing buying pressure rising. The stoch RSI demonstrates an over-bought point at H1 with an over-sold cross-over at H3 which is probably why it stayed flat for a while rather than rising immediately.
Comment:
A correction to this description. I meant the stoch RSI demonstrates an over-bought cross-over at H1 and *an over-bought* cross-over at H3 which means there was a lot of buys within this downside trend that is captured within the channel, therefore, it makes sense to why it went sideways for some time after.