Same chart pattern we analysed on GOLD(XAUUSD) THE COMPLEX HEAD AND SHOULDER.
On the 4hours time frame, the price chart of XAGUSD has been spotted forming a bearish chart pattern indicating a bearish reversal to the downside. The chart pattern is different from other head and shoulders chart patterns because it has double heads and the two shoulders will most times be two or one.
With several touches on the up-sloping support(known as the NECKLINE), price will likely test that support again, consolidate and breakout.
NOTE: the break of the support to the downside indicates a sell opportunity .
The first target to keep an eye on should be the test of the support level at 16.88474, after which more move to the downside after the break of the support should be 16.73496 down to 16.52329.
NOTE: ALWAYS WAIT FOR THE BREAKOUT
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
On the 4hours time frame, the price chart of XAGUSD has been spotted forming a bearish chart pattern indicating a bearish reversal to the downside. The chart pattern is different from other head and shoulders chart patterns because it has double heads and the two shoulders will most times be two or one.
With several touches on the up-sloping support(known as the NECKLINE), price will likely test that support again, consolidate and breakout.
NOTE: the break of the support to the downside indicates a sell opportunity .
The first target to keep an eye on should be the test of the support level at 16.88474, after which more move to the downside after the break of the support should be 16.73496 down to 16.52329.
NOTE: ALWAYS WAIT FOR THE BREAKOUT
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.