Looking @ the hourly charts we see a textbook H&S formation. We've already broken through support at the neckline. We could be looking to previous support around $11.
The bullish perspective would note the MACD reversal, signal over EMA, with the uptrend on RSI. Significant volume would be needed for trend reversal. Also look for shrinking negative momentum on the MACD histogram islands to indicate the bottom. Either way, play the trade with caution as the H&S appears.
Not financial advice, just my perspective. You decide what to do.
The bullish perspective would note the MACD reversal, signal over EMA, with the uptrend on RSI. Significant volume would be needed for trend reversal. Also look for shrinking negative momentum on the MACD histogram islands to indicate the bottom. Either way, play the trade with caution as the H&S appears.
Not financial advice, just my perspective. You decide what to do.
Comment:
As of 2/18/2021 - Oscillators all pointing bearish. Negative momentum increase on the daily and 4h. Searching for support levels. Would need several days at support to get enough data for new TA.
Comment:
02/25/2021
Just double tapped on $11. The bottom might be in? Wait for cue on trend reversal.
Just double tapped on $11. The bottom might be in? Wait for cue on trend reversal.