Hi guys! Welcome to this update! Yesterday i draw the small red H&S on the chart and looking around at others trader ideas, i saw that some of them had found a main Inverted H&S pattern.
I draw it on my chart and i noticed some good things that fit with my idea.
As you can see the right shoulder of the GREEN H&S seems to be approximately of the same dimension and timing of the head of the RED H&S.
The correction that usually occurs after a breakout of an H&S, in this case of the GREEN H&S, can also fit with the formation of the right shoulder of my RED H&S pattern.
Maybe there will something to correct in the next days but i think that the EMA200 has worked good like support and if the market will try to test it again it can hold.
Now is important to wait and have a look at the EMA50 that has worked like resistance but it seems easy to break, and if it occurs probably we will see the completion of the head of the RED H&S and of the right shoulder of GREEN H&S.
keep your eyes on what will happen!! things seem to be fine.
We'll see you next time! Please let me know yours opinions of my work and correct me if I made some mistakes!
PS: I am Italian, SORRY FOR MY ENGLISH, forgive my errors of writing.
DSCLAIMER: This is my own idea and I'm a BEGINNER in TA and in trading.
So DON'T TRADE following my opinions but make yours and play on that. I publish only to have fun an for sharing my ideas whit others who can improve it and help me grow in understanding the world of TA and Trading.
I draw it on my chart and i noticed some good things that fit with my idea.
As you can see the right shoulder of the GREEN H&S seems to be approximately of the same dimension and timing of the head of the RED H&S.
The correction that usually occurs after a breakout of an H&S, in this case of the GREEN H&S, can also fit with the formation of the right shoulder of my RED H&S pattern.
Maybe there will something to correct in the next days but i think that the EMA200 has worked good like support and if the market will try to test it again it can hold.
Now is important to wait and have a look at the EMA50 that has worked like resistance but it seems easy to break, and if it occurs probably we will see the completion of the head of the RED H&S and of the right shoulder of GREEN H&S.
keep your eyes on what will happen!! things seem to be fine.
We'll see you next time! Please let me know yours opinions of my work and correct me if I made some mistakes!
PS: I am Italian, SORRY FOR MY ENGLISH, forgive my errors of writing.
DSCLAIMER: This is my own idea and I'm a BEGINNER in TA and in trading.
So DON'T TRADE following my opinions but make yours and play on that. I publish only to have fun an for sharing my ideas whit others who can improve it and help me grow in understanding the world of TA and Trading.
If that support and the other at EMA200 Holds, we can see a price increase. Otherwise we must consider a fall of the prices till the 0.75 fib retracement.
For now I think that we need to wait the litepay release and look how the market will respond without forgetting that the market is still leaded by bitcoin trend, so we need to have a look at it also, before to have a complete understanding of the real direction of the trend for next days