SKL USDT Descending channel breakout
RSI downtrend broken and we have popped above the upper trendline of the channel. Volume has also increased during this move.
The Kijun (red) line is flat and PA remains below the cloud, I'm wanting to see 1: The Tenkan (blue line) cross the Kijun (red line) and 2: An increase in volume to enable price to push through resistance levels above. Failing this, PA could move sideways as suggested by the Kijun line or drop back down to retest the top trendline of the channel. Stoch RSI is stretched on both the 4hr and Daily timeframes but there is plenty of scope for upward movement on HTFs such as 5D and Weekly.
The Kijun (red) line is flat and PA remains below the cloud, I'm wanting to see 1: The Tenkan (blue line) cross the Kijun (red line) and 2: An increase in volume to enable price to push through resistance levels above. Failing this, PA could move sideways as suggested by the Kijun line or drop back down to retest the top trendline of the channel. Stoch RSI is stretched on both the 4hr and Daily timeframes but there is plenty of scope for upward movement on HTFs such as 5D and Weekly.
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