This is a classic pattern that shows up quite often at the bottom of a trend or before a reversal... The "cup pattern", the one marked in yellow.
When you look at this pattern on higher timeframes, it will show up as a fake breakdown, when prices move below support just to climb back up quickly.
This is a bullish pattern and the high volume and high RSI supports this notion.
Seeing this on the NKNBTC chart tells us that we are likely to experience higher prices soon.
Thanks a lot for reading.
Remember to hit LIKE for more.
Namaste.