EthanTW

DOTUSDT Head and Shoulders is forming!/Bearish Prospective

Short
BYBIT:DOTUSDT   DOTUSDT Perpetual Contract
BYBIT:DOTUSDT
4H trend chart
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From 9/22, Price rallied back to 33.495 which level is the invert Fibonacci retracement (0.382) after touching 25.505
Then pullback is ongoing and form a Head and Shoulders pattern.
Currently, observe price will fall down 25.505, which is Neckline of H&S .
If there is a candlestick get down through the neckline, H&S pattern is confirmed.
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Short
Profit Targets:
a) 21.910-20.4551-----Fib(1.272~1.382)
Stop losses:
a) 25.505-----Neckline
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However, should note the Key Zone is not only the Fib(1.272-1.382) level, but also Vegas tunnel_144/169ema.
So it would easily show a support in the key zone.
Bullish traders can observe if price rallied back to 144/169ema, despite price had touched 20.455.
Next, it would transform into consolidation, then expect bullish continuation goes on.

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