The floor collapsed a few days ago. The price clearly broke below the channel support, indicating that purchasers had finally run out of steam.
The "Kiss of Death": In order to retest the prior channel support, which is now serving as resistance, the price has now retreated. The high-confluence supply zone where the local breakout point and the macro trendline converge is indicated by the red box.
The "Kiss of Death": In order to retest the prior channel support, which is now serving as resistance, the price has now retreated. The high-confluence supply zone where the local breakout point and the macro trendline converge is indicated by the red box.
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