Downtrend channel with broken support
Updated
SCBTC is travelling in a downtrend channel.
After testing the trend line at 261 sat a few times, broke it and travelled quickly to down trend line of the channel.
Heavy oversold RSI and the trend line may give a push and we may expect a bounce to the now resistance at 261 sat.
If it broke the down trend line of the channel, next support is at 140 sat.
After testing the trend line at 261 sat a few times, broke it and travelled quickly to down trend line of the channel.
Heavy oversold RSI and the trend line may give a push and we may expect a bounce to the now resistance at 261 sat.
If it broke the down trend line of the channel, next support is at 140 sat.
Note
Note
SCBCT has bounced from the lower line of the channel which has helped a good jump above 231 sat which is a long term fib level.Now, if it stays above this level on 4h chart it can try to break the yellow resistance line which is a strong level in short term.
MACD divergence may help it to have the force to break but we will see.
It is better to stay in the horizontal channel for a short time to have this power.
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