Welcome to my new ADA /BTC Analysis!
Price has printed a textbook inverse Head and Shoulders pattern over the last two and a half years. All important criteria for this pattern are fullfilled:
1: The pattern occured at the end of a downtrend.
2: There´s perfect symmetry! The shoulders are the same width and exactly two times as wide as the head. It looks like painted.
3: The volume profile at the right shoulder is first declining and then increasing a lot, indicating buying pressure.
A break above the neckline at 1500 sats would -with high probability- catapult the price to the target around the previous all-time high at roughly 6000 sats. I´m very excited how this plays out over the coming months.
Price has printed a textbook inverse Head and Shoulders pattern over the last two and a half years. All important criteria for this pattern are fullfilled:
1: The pattern occured at the end of a downtrend.
2: There´s perfect symmetry! The shoulders are the same width and exactly two times as wide as the head. It looks like painted.
3: The volume profile at the right shoulder is first declining and then increasing a lot, indicating buying pressure.
A break above the neckline at 1500 sats would -with high probability- catapult the price to the target around the previous all-time high at roughly 6000 sats. I´m very excited how this plays out over the coming months.
Comment:
When looking at lower timeframes one can see that price is just breaking resistance and moving towards the neckline.
Comment:
little correction: I of course meant "the head is two times as wide as the shoulders" not the other way around.
Trade active:
Breakout confirmed, Target is in play