Hello and thank you for taking the time to read my post. Today, we analyze the Akropolis (AKRO) chart with the ticker AKRO/USDT on the weekly scale, focusing on a classic price pattern called "Inverted Head and Shoulders."
Inverted Head and Shoulders Pattern:
This pattern consists of three parts, always in the same order: the left shoulder, the head, and the right shoulder. These can be sharp or rounded. Ideally, the shoulders should have symmetry, which makes the pattern easier to identify. The bottoms between the troughs form a recognizable trend line. Additionally, we have a trendline called the neckline, which acts as the current resistance line. Technicians refer to this line as the neckline. Ideally, the neckline should be horizontal.
Chart Analysis:
Upon examining the Akropolis (AKRO) price chart, we can clearly see that this classic price formation is taking shape. The neckline can be found in price terms at 0.00608. We have a clear downtrend, represented by the blue diagonal resistance line, which has been in place since 05/04/2021. All the spikes above the neckline are a good indication that there is extreme price resistance at the neckline, and that a breakout above this neckline is quite significant. So, we are watching closely. The formation can span from weeks to months, making this more of a watch-list candidate than a direct trade.
Moreover, the weekly 50 EMA is also moving downwards, providing yet another reason to observe rather than to trade at this time.
The pattern exhibits the necessary criteria and symmetry between the lines. Although we cannot predict when or if the price pattern will break out, we can certainly prepare for it.
Conclusion:
The Akropolis (AKRO) weekly chart showcases a classic Inverted Head and Shoulders pattern with a neckline at 0.00608. Although the exact timing of a breakout remains uncertain, the pattern provides valuable insights into potential market movements. By closely monitoring the neckline, the blue diagonal resistance line, and the downward trending weekly 50 EMA, traders can be better prepared for any potential price action in the future. As always, it's essential to consider risk management and proper position sizing when trading based on chart patterns.
Please note that this analysis is not financial advice. Always do your own due diligence when investing or trading.
If you found this analysis helpful, please like, share, and follow for more updates. Happy trading!
Best regards,
Karim Subhieh
Inverted Head and Shoulders Pattern:
This pattern consists of three parts, always in the same order: the left shoulder, the head, and the right shoulder. These can be sharp or rounded. Ideally, the shoulders should have symmetry, which makes the pattern easier to identify. The bottoms between the troughs form a recognizable trend line. Additionally, we have a trendline called the neckline, which acts as the current resistance line. Technicians refer to this line as the neckline. Ideally, the neckline should be horizontal.
Chart Analysis:
Upon examining the Akropolis (AKRO) price chart, we can clearly see that this classic price formation is taking shape. The neckline can be found in price terms at 0.00608. We have a clear downtrend, represented by the blue diagonal resistance line, which has been in place since 05/04/2021. All the spikes above the neckline are a good indication that there is extreme price resistance at the neckline, and that a breakout above this neckline is quite significant. So, we are watching closely. The formation can span from weeks to months, making this more of a watch-list candidate than a direct trade.
Moreover, the weekly 50 EMA is also moving downwards, providing yet another reason to observe rather than to trade at this time.
The pattern exhibits the necessary criteria and symmetry between the lines. Although we cannot predict when or if the price pattern will break out, we can certainly prepare for it.
Conclusion:
The Akropolis (AKRO) weekly chart showcases a classic Inverted Head and Shoulders pattern with a neckline at 0.00608. Although the exact timing of a breakout remains uncertain, the pattern provides valuable insights into potential market movements. By closely monitoring the neckline, the blue diagonal resistance line, and the downward trending weekly 50 EMA, traders can be better prepared for any potential price action in the future. As always, it's essential to consider risk management and proper position sizing when trading based on chart patterns.
Please note that this analysis is not financial advice. Always do your own due diligence when investing or trading.
If you found this analysis helpful, please like, share, and follow for more updates. Happy trading!
Best regards,
Karim Subhieh
KSC
