Hello friends, today I am completing a technical analysis on the 1D linear scale chart for Synthetix ( SNXUSD ), an altcoin cryptocurrency.
#CryptoPickk notes the following:
1) Synthetix price has been falling since February 2021 when it met the all time high. 2) The price is around a crucial Fibonacci Retracement level of 0.786 at around $6.85-$7.00. 3) Along with the price dropping, it has formed a Head and Shoulders Pattern as shown in the chart. This is a bearish pattern. The biggest concern is the Head and Shoulders Pattern can be seen in multiple timeframes and the price has shown no level of reversal. 4) If the price breaks down and does not recover, there may be a sizable drop. 5) Though the charts show one thing, anything is possible as the Decentralized Finance space in cryptocurrencies is very strong. 6) Be cautious until there is a clear sign of where the price action will go.
What are your opinions on this?
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Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
Came across same pattern the trend line was facing up, a Head and Shoulders on daily chart work as reversal pattern but in my case it exploded upward 3x. Check out daly chart Kyl/usdt on gate.io just before price shoot up to 0.74 head and shoulder I made a huge mistake believing that it is only Bearish pattern