Trade setup: Price is trading in a Sideways Channel. Swing Traders: can trade the channel (Enter near $200 support and Exit near $220 resistance). Previously, following a bearish breakout from Ascending Triangle pattern, price broke below $220 key level. That’s a level that held up in June and also in Dec 2022, so it’s significant that price has broken below that $220 level and made a new low.
Trend: Downtrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bearish ( MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is $200. The nearest Resistance Zone is $220, then $260, and $300.
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