Downtrend captured within a descending channel.
It's "consolidation" is also captured within an ascending channel.
So that we have channel n channel, and now Price is around cross-section.
I expect a continuation of downtrend, down to 1.618 fibonacci level, which should sync to form a global Support level.
Alternatively, price may Short a bit, and breakout the descending channel - this will invalidate the above analysis.
It's "consolidation" is also captured within an ascending channel.
So that we have channel n channel, and now Price is around cross-section.
I expect a continuation of downtrend, down to 1.618 fibonacci level, which should sync to form a global Support level.
Alternatively, price may Short a bit, and breakout the descending channel - this will invalidate the above analysis.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.