In this setup, the price is trading sideways on the 1 hour. It is clearly in an uptrend channel on the 4 hour. Earlier in the week, price was rejected from upper channel trend line. It’s consolidating at the moment and ranging to the upside. The rejected channel trend line is resistance, and an ascending triangle has formed.
Either wait for a breakout or a clear rejection on the 1 hour chart.
On the breakout, Resistance would still be the upper channel trend line.
On a rejection, price would look for support from the bottom channel trend line.
Either wait for a breakout or a clear rejection on the 1 hour chart.
On the breakout, Resistance would still be the upper channel trend line.
On a rejection, price would look for support from the bottom channel trend line.