PROPUSD Make or break time for the Channel Up.Propchain (PROPUSD) is trading within a Channel Up pattern since early October. Since October 20 in particular, the 1D MA50 (blue trend-line) has been supporting. At the moment, the price is testing both the Channel's bottom (Higher Lows trend-line) and the 1D MA50.
As long as they hold, we are bullish, aiming for another +75% (roughly) leg at 3.400. If we close a 1D candle below the Channel and 1D MA50, we will sell and target Support 1 and the 1D MA200 (orange trend-line) at 1.6500.
The 1D RSI has already broken below its Channel Up, which is a similar signal to August 11 before the 1D MA50 broke.
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