ELON - WARNING! POTENTIAL FOR UP TO 40% DROP
Hey everyone. I've never wrote about this coin before because it's relatively new I think and this is purely Technical Analysis and zero Fundamental Analysis. I know its a meme-coin that is hyped up like many these days.
There's a BIG Head and Shoulders pattern POTENTIALLY forming... If ELON crosses below the neck like I'd say there is a higher risk of it dropping 20% - 40%
If if goes below that green support on the chart I PERSONALLY WOULD SELL. I really think the indicators LOOK BAD ... Especially if the RSI crosses below the white line creating bearish divergence on the RSI.
It's very close (if not there already) now. Hopefully this helps people. meme-coins in particular have a tendency to PUMP AND THEN DUMP a LOT more than others... Just look at the charts of them historically it's a fact, not an opinion.
IN MY EXPERIENCE , head & shoulders patterns usually play out and with accurate targets.
You're welcome to view my other charts on TradingView to see how they play out.
If you like this idea please LIKE, FOLLOW, SHARE... It's appreciated. I try to keep the charts updated when/if necessary so check back if you feel the situation has changed.
Thanks . More charts soon.
There's a BIG Head and Shoulders pattern POTENTIALLY forming... If ELON crosses below the neck like I'd say there is a higher risk of it dropping 20% - 40%
If if goes below that green support on the chart I PERSONALLY WOULD SELL. I really think the indicators LOOK BAD ... Especially if the RSI crosses below the white line creating bearish divergence on the RSI.
It's very close (if not there already) now. Hopefully this helps people. meme-coins in particular have a tendency to PUMP AND THEN DUMP a LOT more than others... Just look at the charts of them historically it's a fact, not an opinion.
IN MY EXPERIENCE , head & shoulders patterns usually play out and with accurate targets.
You're welcome to view my other charts on TradingView to see how they play out.
If you like this idea please LIKE, FOLLOW, SHARE... It's appreciated. I try to keep the charts updated when/if necessary so check back if you feel the situation has changed.
Thanks . More charts soon.
Comment:
Resistance coming at 0.0000021 - 0.00000215 area... I expect a rejection and a lower low... Also there's a potential head and shoulders now if it falls to the green support then its likely to fall through, Completing the MUCH BIGGER H&S patters...
Comment:
Actually a chance of a rejection a little higher at the 0.0000022-0.0000023 area MAX..... If it breaks 0.0000021 then the odds are about 50/50... ABOVE 0.0000023 AND THE H&S PATTERN IS NO LONGER VALID
Comment:
UPDATE! UPDATE... H&S NO LONGER VALID... It looks like continuation to the upside is coming soon as long as ELON stays above 0.000002. BASED OFF OF RECENT MARKET FIB LEVELS where I'm seeing a lot of Tops , I'd be looking for a top around 0.0000031-0.0000035 area. IF 0.000002 BREAKS then maybe BEARS re-take control and the H&S pattern does eventually play out
IMPORTANT THING IS NOTHING IS CONFIRMED YET ... 0.0000025 looks like a good confirmation level FOR ME as long as it holds and is not just a wick.
Also, A break below 0.000002 that HOLDS and isn't just a quick wick would be good enough for me to confirm A BIG DROP
IMPORTANT THING IS NOTHING IS CONFIRMED YET ... 0.0000025 looks like a good confirmation level FOR ME as long as it holds and is not just a wick.
Also, A break below 0.000002 that HOLDS and isn't just a quick wick would be good enough for me to confirm A BIG DROP
Comment:
ANOTHER UPDATE! BEARS have control again. The potential H&S pattern in the chart has lost its shape BUT going off some FIB levels now we have the .618 at around 0.0000017 and we have the .5 at around 0.00000143
Price just broke below the .786 if it don't come back up quickly i'm looking at the 0.0000017, If that breaks then 0.00000143
Price just broke below the .786 if it don't come back up quickly i'm looking at the 0.0000017, If that breaks then 0.00000143
Comment:
Well, I think we can officially say those downside targets were hit!