HBAR / BTC - Repeating Pattern Chart End of August Update
HBAR is likely repeating the same pattern it did before we made the move above ~460 and tapped 800s.
- Back in May we experienced a diamond reversal after two daily candles closed at our last highest highs @ 776 and 791, both wicking into 800s. That reversal brought us back to our support area (green box) around the red target line.
- Next, after failing to get back above our resistance area (red box), we formed a head and shoulders that should've taken us down to test the top of the green triangle around 368, similar to what our previous repeating pattern did when it wicked down there before heading up to where we are now. So far that head and shoulders has failed. A failed head and shoulders should've taken us back up to 716-728, our March high, but that hasn't occurred yet either.
- Now, it appears we may be forming an inverted HS, which if successful should take us back above resistance and just over 645. This would add confluence to reaching our failed HS target @ 716-728, but could also fail and just as well support the idea of getting back below 400 before heading back up again.
Regardless of what happens in the immediate future, I still expect one of three things to occur after either moving up now or moving down first:
Option 1 - after getting back above resistance (red box & 645) we move above March high (716-728) and May high (776-791) and reach ATH @ 864 or just above it, then re-test either one of those previous highs before heading up to make multiple new ATHs.
Option 2 - we begin to do what looks like Option 1 but stop hard at March high (716-728), and start to make what looks like a giant head and shoulders. That head and shoulders fails and we return to Option 1
Option 3 - Option 2's head and shoulder succeeds and we make a triple bottom on the all-time chart (91-115) dragging this out much longer before seeing our new ATH above 864.
Targets after eventually breaking ATH @ 864:
-- I'm liking a major stop somewhere roughly between ~1330-1470
-- An eventual revisit of ~3570 where we opened on first trading day
-- If we get above 3570, price discovery and it's anyone's guess
Previous related ideas linked below under Links to Related Ideas
- Back in May we experienced a diamond reversal after two daily candles closed at our last highest highs @ 776 and 791, both wicking into 800s. That reversal brought us back to our support area (green box) around the red target line.
- Next, after failing to get back above our resistance area (red box), we formed a head and shoulders that should've taken us down to test the top of the green triangle around 368, similar to what our previous repeating pattern did when it wicked down there before heading up to where we are now. So far that head and shoulders has failed. A failed head and shoulders should've taken us back up to 716-728, our March high, but that hasn't occurred yet either.
- Now, it appears we may be forming an inverted HS, which if successful should take us back above resistance and just over 645. This would add confluence to reaching our failed HS target @ 716-728, but could also fail and just as well support the idea of getting back below 400 before heading back up again.
Regardless of what happens in the immediate future, I still expect one of three things to occur after either moving up now or moving down first:
Option 1 - after getting back above resistance (red box & 645) we move above March high (716-728) and May high (776-791) and reach ATH @ 864 or just above it, then re-test either one of those previous highs before heading up to make multiple new ATHs.
Option 2 - we begin to do what looks like Option 1 but stop hard at March high (716-728), and start to make what looks like a giant head and shoulders. That head and shoulders fails and we return to Option 1
Option 3 - Option 2's head and shoulder succeeds and we make a triple bottom on the all-time chart (91-115) dragging this out much longer before seeing our new ATH above 864.
Targets after eventually breaking ATH @ 864:
-- I'm liking a major stop somewhere roughly between ~1330-1470
-- An eventual revisit of ~3570 where we opened on first trading day
-- If we get above 3570, price discovery and it's anyone's guess
Previous related ideas linked below under Links to Related Ideas
Comment:
HSi has begun playing out, right on target, waiting to confirm that the larger pattern will succeed:
Comment:
Update, post-move:
Here's a really simple outlook, it's possible we could re-test any one of these top 3 lines (previous ath, previous daily, previous weekly high).
If we manage to stay above those we'll continue heading up, don't want to see us drop below 464 if we do go further down (old resistance flipped support, prior to our move).
If we head up, here are potential ranges, we may stop in them, between them, or blow right through some of them. Min target for the double bottom on the all-time chart is somewhere between mid-1400s and mid-1600s:
Here's a really simple outlook, it's possible we could re-test any one of these top 3 lines (previous ath, previous daily, previous weekly high).
If we manage to stay above those we'll continue heading up, don't want to see us drop below 464 if we do go further down (old resistance flipped support, prior to our move).
If we head up, here are potential ranges, we may stop in them, between them, or blow right through some of them. Min target for the double bottom on the all-time chart is somewhere between mid-1400s and mid-1600s:
Comment:
PS - previous ATH was 863-864, not shown above, we'd look super strong if we hold above that
Comment:
One additional note here, follow BTC.D (bitcoin dominance) here to inform decisions about growth of alts, including this one. We don't want to see us take the path of the white arrows here or it could be bad for alts in general. If we continue to fall, following the orange arrows below, alts should continue to run:
Related Ideas
