$BTC About to Break Parallel Channel, Weekly ...///

Parallel Channel

A channel can be used as an entry pattern for the continuation of an established trend and can be part of a trend following strategy. The channel is formed when price action is controlled by two parallel, sloping lines, and when it has tested each of these lines at least twice. An ascending channel indicates an uptrend, with the support line connecting successive higher lows and the resistance line connecting consecutive higher highs.