LIt rejected when trying to re-enter bullish channel
Lit got clearly rejected when trying to get back in to the channel, see highlight. If support (upper green box) to be broken, downwards action expected. The pitchfork , in which the middle line is the median of the price action, might give some guidance in finding a new channel. when 1). reaching the bottom of the channel 2) near the support (BOTTOM GREEN BOX) and 3 bullish divergence on the RSI , that might be a strong buy signal.
when breaking the upper of the pitchfork , the schiffline (purple) needs to be broken to end the downtrend.
This scenario only makes sense if first support is to be broken
when breaking the upper of the pitchfork , the schiffline (purple) needs to be broken to end the downtrend.
This scenario only makes sense if first support is to be broken
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