Short-term bearish signs apparent - watch THIS level of support
The current situation:
1. A head and shoulders pattern is apparent on the hourly chart, the neckline of the pattern is at about 3.17 USD, which is also where the hourly 21MA is. The measured target of the breakdown is about 2.87 USD, but there are a few moving averages below the current price action that can act as support.
The bullish case: an hourly close above 3.45 USD should convincingly negate the head and shoulders pattern, but do mind that there are still 4HR 50MA and 12HR 21MA right above it that are acting as resistance.
The bearish case: if the price action breaks below the neckline can signal a possible breakdown towards 2.87 USD. If price action breaks below the 4HR 21MA, which will be the last MA acting as support once the hourly 50MA gets above it shortly, that can be a signal for lower price action.
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*Let me know in the comment section if you agree or disagree, would love to hear your ideas too.
*These are purely my speculations and not financial advice. You should always do your own due diligence before trading or investing.
1. A head and shoulders pattern is apparent on the hourly chart, the neckline of the pattern is at about 3.17 USD, which is also where the hourly 21MA is. The measured target of the breakdown is about 2.87 USD, but there are a few moving averages below the current price action that can act as support.
The bullish case: an hourly close above 3.45 USD should convincingly negate the head and shoulders pattern, but do mind that there are still 4HR 50MA and 12HR 21MA right above it that are acting as resistance.
The bearish case: if the price action breaks below the neckline can signal a possible breakdown towards 2.87 USD. If price action breaks below the 4HR 21MA, which will be the last MA acting as support once the hourly 50MA gets above it shortly, that can be a signal for lower price action.
*Follow me for the latest cryptocurrency analyses on my watchlist
*Thank you to those who donated, I very much appreciate it.
*Let me know in the comment section if you agree or disagree, would love to hear your ideas too.
*These are purely my speculations and not financial advice. You should always do your own due diligence before trading or investing.