As it can be observed from the 8h-timeframe graph, the price has spiked above the upper boundary of the ascending channel and dropped down instantly by printing an impulsive bearish move.
Now that the re-test of the printed impulse is done, it's highly likely for the price to keep dropping and reach the area of the lower boundary of the channel.
Now that the re-test of the printed impulse is done, it's highly likely for the price to keep dropping and reach the area of the lower boundary of the channel.