Ascending Channel?
Difficult to call it an ascending parallel channel because there aren’t enough data point, but let’s go ahead and call it that for the sake of simplicity. Price has clearly broken below the ascending parallel channel, but the interesting thing is that price is trying to force itself back into the channel even though the support line of the channel is now acting as resistance. So price needs to break above this resistance to get back into the channel which would amplify the probability of another mini parabolic rally that would take us to 40-43 cents. I will turn bullish if price manages to force itself back into the ascending channel.
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