Sloppy H & S formation on the daily, but nonetheless, an H & S. (** Edit - Excuse the Placement of the R shoulder label, a little too far right)
From how I'm seeing it, 1 of 2 things can pan out - we face a small bounce again at the 142 mark, or it can break past that level and perhaps have a stronger more significant bounce* at the 101 mark.
*Note - None of these forecasts are suggesting a major trend reversal, which continues to remain uncertain, as the general trend has been very bearish since the start of 2018 (as indicated by the red descending distal line). 2017 holders (HODL'ers) have been losing some serious cash in these markets!
From how I'm seeing it, 1 of 2 things can pan out - we face a small bounce again at the 142 mark, or it can break past that level and perhaps have a stronger more significant bounce* at the 101 mark.
*Note - None of these forecasts are suggesting a major trend reversal, which continues to remain uncertain, as the general trend has been very bearish since the start of 2018 (as indicated by the red descending distal line). 2017 holders (HODL'ers) have been losing some serious cash in these markets!
Trade active:
Approaching the 142-140 level at a fairly accelerated pace, hourly ATR is 1.56 so, stops will be placed @ 140.5ish, if stopped out, at a continued downtrend - reentry @ around the 105-101 level.
Trade closed: target reached:
S1 bounce achieved, I anticipate this will follow with another 1 of 2 things -
(1) Will continue trekking up to around the 170 mark, before resuming its 2018 bearish trend, OR
(2) break through the 170 mark to begin (ideally, hopefully) what would be our first uptrend of the year (note* breaking through this area of resistance does not automatically signal a bullish transition, only with continued support and confirmation of sustained price at higher levels would we begin to consider this conversation).
(1) Will continue trekking up to around the 170 mark, before resuming its 2018 bearish trend, OR
(2) break through the 170 mark to begin (ideally, hopefully) what would be our first uptrend of the year (note* breaking through this area of resistance does not automatically signal a bullish transition, only with continued support and confirmation of sustained price at higher levels would we begin to consider this conversation).