As it can be inferred from the chart, the price has nicely rejected the area of the upper boundary of the ascending channel that nicely lines up with a local zone of resistance. From here, we can expect for the price to keep dropping till the area of lower boundary of the channel that lines up with a zone of support that aligns with 0.618 Fibonacci retracement level. With many confluences lining up, it is time to be patient and wait for the price action to do its thing.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.