Price is currently forming a rising wedge pattern at the right shoulder of a possible Head and shoulders pattern. We expect a reversal to downside for this pair after price breaks out of the rising wedge .
Looking at gold we can see a possible pullback into the marked zones after the breakout of the uptrend as seen. Watch closely early on in the week to see how it all unfolds.
If we create a pullback we could see a Head and Shoulders formation which could indicate a possible trade.
A H&S can be observed in the past and a left shoulder has formed for another H&S, my basis for this is that price will be rejected at mirror resistance level and once head is formed it is very likely right shoulder will be formed. Various other chart patterns can be observed including a symmetrical triangle, which led to a strong upward breakout, and a bump and...
USOIL WTI CRUDE H4 TIMEFRAME
There is a breakout from the historic price level, when you look closely on the H1, Potential head and shoulder has been form. This current price level expose a good selling opportunity.
There's a lot going on on this chart, so don't worry, I'll explain it.
You guys already know how bearish I am, and that I do believe BTC will hit the lower trend line of this triangle again and bounce before we hit $5k and bounce again. BUT, I'd be doing a disservice if I didn't consider this bullish view. I've been working with bullish scenarios and seeing which...