1INCH/USD - Back in the channel after fakeout. Bearish to $3.5!

1INCH returned to the ever lasting channel that has been formed since back in February. We set a new ATH which proved to be a fakeout since price quickly returned back into the channel.

This is bearish.

What is most likely to happen is that 1INCH will re-test the support of this channel at around $3.5. Therefore, do not get excited to buy at this time, this is a no trade location for price.

Once we hit support, then is a good time to consider a buy as $3.5 has held well in the past. Best to re-assess once we get there.

For now, hold onto your cash, find better entries or just wait. There is nothing to see here at this time.

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