Possible Inverse Head and Shoulders formation 1hr time frame.
Observations:
- Weekly: Possible hanging man signaling reversal in upcoming weeks.
- Daily: Exponentials acting as support, price trying to move back up to the $25 region.
- 4hr: Price currently creating higher lows, but no higher highs. Flat resistance around $24.80 (ascending triangle spotted)
- 1hr: Possible inverted head and shoulders.
As of now the only red flag I see is the possible hanging man on the weekly chart but I am not too worried about it just yet. I've spotted couple of bullish patterns an ascending triangle on the 4hr and an inverse Head and Shoulders on the 1hr traveling inside the ascending triangle.
Current game plan:
Given the market condition I will not be playing any breakouts, only looking to get in on oversold RSI bounces.
- Weekly: Possible hanging man signaling reversal in upcoming weeks.
- Daily: Exponentials acting as support, price trying to move back up to the $25 region.
- 4hr: Price currently creating higher lows, but no higher highs. Flat resistance around $24.80 (ascending triangle spotted)
- 1hr: Possible inverted head and shoulders.
As of now the only red flag I see is the possible hanging man on the weekly chart but I am not too worried about it just yet. I've spotted couple of bullish patterns an ascending triangle on the 4hr and an inverse Head and Shoulders on the 1hr traveling inside the ascending triangle.
Current game plan:
Given the market condition I will not be playing any breakouts, only looking to get in on oversold RSI bounces.
Comment:
This formation is no longer valid.