Upwards trend channel on the 1h chart formed
What a reversal! The monthly and weekly charts look absolutely amazing!
Now on the lower timeframes as we see here on the 1h chart, we can see how an upwards trend (parallel) channel has formed.
Note how beautifully price has reacted to the middle part of this ascending trend channel.
My guess is that the upcoming reaction to the middle trend line (dashed line) will determined the following price action.
If we use the dashed trend line as support things look good for continuation. If on the other hand, we fall through the dashed line and it establish itself as resistance I could see that we will fall down lower.
The trend is your friend, as long as it does not changes directions.
Cheers!
Now on the lower timeframes as we see here on the 1h chart, we can see how an upwards trend (parallel) channel has formed.
Note how beautifully price has reacted to the middle part of this ascending trend channel.
My guess is that the upcoming reaction to the middle trend line (dashed line) will determined the following price action.
If we use the dashed trend line as support things look good for continuation. If on the other hand, we fall through the dashed line and it establish itself as resistance I could see that we will fall down lower.
The trend is your friend, as long as it does not changes directions.
Cheers!
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