In this chart of BINANCE:COTIUSDT, observed a head and shoulders pattern and for the past 3-4 days, the price of COTI rose to more than 50%. As the thumbnail shows, the pattern had a breakout. Will it surge continuously, go sideways or maybe a reversal? I will provide updates on my full chart analysis in the threads below.
Happy trading to everyone and a Happy Chinese New Year :)
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For the detail of the pattern, COTI is currently forming an inverse head and shoulders pattern, citing a possible bullish trend from a daily timeframe perspective.
In charting the coin, I labeled possible resistance lines thanks to Fibonacci retracements and some back testing and identified three pricelines to consider: 1) 0.08932: 1.236 fib retracement/ bull fractal 2) 0.09798 - 786 fib retracement from swing high to low 3) 0.1 - logical resistance
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In entering a position for COTI, I will wait for a few instances of either hitting the first mentioned price line or at the plotted diagonal resistance of $0.0832.
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*0.0872
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Another note when charting with the coins with momentum such as COTI is to spot some pattern. In that case, a double bottom (a bullish pattern) is materialized and upon breaking the neckline, I entered a scalping trade upon breakout and currently attempting to try another breakout on the plotted trendline.
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COTI just skyrocketed past $0.1 priceline minutes ago. Cheers for the profits :)
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1️⃣ OR 2️⃣?
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Spotted a breakdown on the triangle on a scalping timeframe. Exit at the 618 fib level.
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Identified the current support for COTI. I labeled the next support line if another price breakdown occurs.
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I'm using Logarithmic chart for COTI :)
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Another day trade for COTI. Currently on the 0.5 Fib support. If another breakdown happens, immediately take profit at the next Fib support level.