The market structure is bullish
The inverted pattern on the head and shoulders indicates that the buy signal will be issued soon
A horizontal resistance barrier is obtained at $ 1.63, known in this pattern as the neckline
The price of overcoming the neckline should increase by 30%
On the other hand, if the price fails to reach higher levels, it will move to lower levels and by lowering it below the support level at $ 1.20, a lower floor will be obtained and the uptrend scenario will be nullified
In such a case, the price can fall to the level of $ 1, and in some cases, the price may fall to the level of $ 0.93
The inverted pattern on the head and shoulders indicates that the buy signal will be issued soon
A horizontal resistance barrier is obtained at $ 1.63, known in this pattern as the neckline
The price of overcoming the neckline should increase by 30%
On the other hand, if the price fails to reach higher levels, it will move to lower levels and by lowering it below the support level at $ 1.20, a lower floor will be obtained and the uptrend scenario will be nullified
In such a case, the price can fall to the level of $ 1, and in some cases, the price may fall to the level of $ 0.93