A price descending channel is a continuation pattern that slopes up or down and is bound by an upper and lower trend line.
The upper trend line marks resistance and the lower trend line marks support.The upper line trendline tht slopes down is also referred to as upper reaction and the support trendline is called lowr reaction to price holding price in a falling channel.
Bears struggled to push it through a short-term descending channel formation on the 4hours charts. This will remain within its channel consolidating more and more as a strong support level has been maintained.
The oscilator is indicating that price is fully overbought, supported by a BEARISH ENGULFING CANDLE STICK. 0.5fibonacci retracement level, price always finds its way back to this respected zone.
When price breaksout and close outside the channel, this is a signal to take a position in the market.
The price trend leading to the channel can be from any direction.
The two trendlines should be parallel or nearly so. Both should tilt upward or both should tilt downward.
Price should touch each trendline at least twice as distinct peaks or valleys.
Price should cross the pattern from trendline to trendline, nearly filling the available space.
Breakout Occurs when price closes outside the trendline boundary and can be in any direction.
Technical suggest that price is still a little bit bearish as it is still inside the channel, but a likely breakout in price might happen as the support level is maintained.
SELL:0.00001891sats up to 0.00002235sats