Can Price Action Break Two Upward Channels?
The price has come into the mid-channel support that has been used as support and resistance since 2019. The short term trend is still within the bounds of the 1-month channel.
The RSI has room to go down before it reaches the 50 mid-line and the MACD shows the beginning of a downward trend.
The downward pressure might reverse around the 50 RSI, which would bounce up within the mid-channel support.
If a bounce occurs, the likely scenario is a dead cat bounce that leads to further downside, testing the bottom of the 1-month channel.
If the 1-month channel breaks, the bottom of the long-term channel becomes the support.
There is a very low probability of breaking the bottom of the long-term trend. That is the best accumulation zone and entry for a long.
Next best entry for a long is at the bottom of the 1-month channel.
The best short position is if a dead cat bounce occurs within the mid-channel.
The RSI has room to go down before it reaches the 50 mid-line and the MACD shows the beginning of a downward trend.
The downward pressure might reverse around the 50 RSI, which would bounce up within the mid-channel support.
If a bounce occurs, the likely scenario is a dead cat bounce that leads to further downside, testing the bottom of the 1-month channel.
If the 1-month channel breaks, the bottom of the long-term channel becomes the support.
There is a very low probability of breaking the bottom of the long-term trend. That is the best accumulation zone and entry for a long.
Next best entry for a long is at the bottom of the 1-month channel.
The best short position is if a dead cat bounce occurs within the mid-channel.
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Informacje i publikacje przygotowane przez TradingView lub jego użytkowników, prezentowane na tej stronie, nie stanowią rekomendacji ani porad handlowych, inwestycyjnych i finansowych i nie powinny być w ten sposób traktowane ani wykorzystywane. Więcej informacji na ten temat znajdziesz w naszym Regulaminie.