Here we have a channel that had been formed using an inside pitchfork
. I believe it was below the median line
due to people losing faith in such a large sell off of TRX
mixed with the FUD in the crypto space. Those who HODL will do well. What I am seeing is a nice little bump in faith around the Feb 9 moving the candles above the median. We have tested the upper line of the channel and are testing it once again. The current testing candle on this view, is an inverted hammer
shape. Testing the resistance with an inverted hammer
is a bullish
sign in some cases. If this closes in this shape. Check to see for a higher open and close on the next period to validate this as a bullish
signal. If this is not the case. Expect the trend to stay channel bound. I see a longer wick as a sign of a greater potential for a reversal.