In the chart you are observing, the price action has reached the upper boundary of the 4-hour channel—though this screenshot displays the 1-hour timeframe. Additionally, two key resistance zones (base areas) on both the 1-hour and 4-hour timeframes lie ahead in the price trajectory. Consequently, there is a high probability of a downward reversal, which could ultimately lead to a bullish breakout in the crypto market.
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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.