In a recent post Approaching Support I showed the area I expected support as a red dashed line. Since then the price has tested that area I highlighted multiple times. Heres an updated view of the chart.
Notice the blue arrows, all of which show price touching resistance. For now at least, that support has held, although it seemed touch and go for a while.
I’ve also added in a clone of the down trendline from before this current rally began. It seems to fit quite well the fall from the top of the channel to the bottom, which we have now broken up through.
Now I’m thinking we may stay in the lower half of this channel for a while, unless some big whale purchases propel us up again. However whale purchases and sales seem conspicuously absent in the last week or so.
I wouldn’t be surprised to see the price dip back down to further test the bottom of the channel, equally I wouldn’t be surprised to see the resistance at the middle of the channel be tested in the near future. Nice to see that the uptrending channel is still intact.