Can Price Action Break Two Upward Channels?

The price has come into the mid-channel support that has been used as support and resistance since 2019. The short term trend is still within the bounds of the 1-month channel.

The RSI has room to go down before it reaches the 50 mid-line and the MACD shows the beginning of a downward trend.

The downward pressure might reverse around the 50 RSI, which would bounce up within the mid-channel support.

If a bounce occurs, the likely scenario is a dead cat bounce that leads to further downside, testing the bottom of the 1-month channel.

If the 1-month channel breaks, the bottom of the long-term channel becomes the support.

There is a very low probability of breaking the bottom of the long-term trend. That is the best accumulation zone and entry for a long.

Next best entry for a long is at the bottom of the 1-month channel.

The best short position is if a dead cat bounce occurs within the mid-channel.