Trendline and EMA analysis
2 things to look at:
1. Price is still travelling within an ascending channel and it is still facing rejection at the top of the channel.
2. The downtrend may have been broken if my trendline was drawn correctly (on 4 hour timeframe). We can see that price came back to test the trendline as support and closed above it. If the price fails to break out of the ascending channel, it is possible that we see a pullback here, since we're also facing rejection at 200 period EMA.
1. Price is still travelling within an ascending channel and it is still facing rejection at the top of the channel.
2. The downtrend may have been broken if my trendline was drawn correctly (on 4 hour timeframe). We can see that price came back to test the trendline as support and closed above it. If the price fails to break out of the ascending channel, it is possible that we see a pullback here, since we're also facing rejection at 200 period EMA.
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