Bearish pattern apparent watch out for this level of support
The current situation:
1. A complex head and shoulders pattern is still apparent on the 1HR chart and price action has fell through the 6HR 21MA, which has been acting as strong support for the past few days since price action gotten on top of it. The neckline of the pattern is at about 4.7 USD and the measured target is about 3.8 USD. The next level of support if price action breaks down is the 0.786 Fib level at about 4.35
The bullish case: price action needs close back on top of the 6HR chart in order to start looking bullish again to retry the resistance at 5.25
The bearish case: price action breaks 4.7 and goes towards the Fib level at about 4.35
*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 complex head and shoulders pattern is still apparent on the 1HR chart and price action has fell through the 6HR 21MA, which has been acting as strong support for the past few days since price action gotten on top of it. The neckline of the pattern is at about 4.7 USD and the measured target is about 3.8 USD. The next level of support if price action breaks down is the 0.786 Fib level at about 4.35
The bullish case: price action needs close back on top of the 6HR chart in order to start looking bullish again to retry the resistance at 5.25
The bearish case: price action breaks 4.7 and goes towards the Fib level at about 4.35
*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.