It looks like a H&S pattern is likely to form. A long term trend line is forming resistance at the top of the right shoulder. It also appears that we may be forming a rising wedge with decreasing volume. Hopefully, the H&S never completes, but I'll have a reserve of dry powder waiting at supports all the way down to $6900 jic.
This is definitely not trading advice, as I am not an expert. Constructive feedback is welcome. Sorry about the cluttered chart!
This is definitely not trading advice, as I am not an expert. Constructive feedback is welcome. Sorry about the cluttered chart!
Comment:
We'll, we blew through that resistance! So that invalidates this whole idea, and the long-term support will hopefully act as support once more.