Scallop has already broken the downtrend line and gone up to the first resistance area. If this area breaks too, the next horizontal area is the next target.
Starting with a clean chart...
A look at the weekly shows an extended V bottom, the V bottom is often seen as a recovery formation. Should the price fall below $0.52 I consider the formation eliminated. With the "extended" V bottom, the sideways (extended) consolidation phase serves as a pause and often resembles the shape of a channel or bull flag .
I zoom in on...
Starting with a clean chart...
A look at the weekly shows an extended V bottom, the V bottom is often seen as a recovery formation. Should the price fall below $0.52 I consider the formation eliminated. With the "extended" V bottom, the sideways (extended) consolidation phase serves as a pause and often resembles the shape of a channel or bull flag .
I zoom in on...
Starting with a clean chart...
A look at the weekly shows an extended V bottom, the V bottom is often seen as a recovery formation. Should the price fall below $0.52 I consider the formation eliminated. With the "extended" V bottom, the sideways (extended) consolidation phase serves as a pause and often resembles the shape of a channel or bull flag.
I zoom in...
Hello and Welcome to this analysis
HINDUSTAN UNILEVER the FMCG giant in hourly time frame is forming another ascending and inverted scallop bullish formation.
Ascending & Inverted Scallops have a success ratio of approx 70%. They are found in bullish trends and their formation works wonderfully with Fibonacci ratios as found in this case.
It looks good for...
Have been going over a few things and here are my observations.
1. Three rising valleys usually occur during previous uptrends, however this isn't always the case.
2. Valleys appear in their last phase and have formed a rounding bottom which could create a inverted scallop (usually a very bullish sign)
3. 24,000 area has shown itself as consistent resistance...
US10Y on this daily timeframe shows a large descending scallop
On the right another example of this pattern is shown, however just it has been completed
Descending Scallops are a bullish reversal pattern
In the chart above AUD/USD has formed two Inverted and Ascending Scallops. These chart patterns look like the right side of an umbrella. The price quickly rises, before levelling off near the top in an inverted cup formation. The beauty of these patterns is they perform very well in both bull and bear markets.
Breakeven Failure rate: 9%
Average Rise:...
IEF on this ascending scallop has undergone many dumps along the scallops history
This is just another one
Added a falling wedge pattern for a little flare
Gold against Dollar takes a dig at the trader's investment by making strange and unpredictable moves, my tech analysis says that it could be scallop patterns in the cards , which could bring the bulls into the scene atleast till 1965 to 1990 zone
#SCLP/USDT
$SCLP is inside falling wedge pattern, and above long term support zone, it is possible that price drop to lower line of support zone that is the same with lower line of wedge pattern, then start its rally to break the upper line of wedge that is the same with resistance zone around $2.6.
this break out can cause increase toward $3.1 and maybe $3.8.
Chart is looking hot! On support, RSI downtrend broken with re-test on the 12 hour, breakout imminent, easy to cut if it closes below current levels and breaks down.
Ascending wedge, if it breaks out from the wedge then we are in price discovery. Buy and wait
Its in better place to buy from technical perspective and from fundamental its a gem if crypto became the future .
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The previous analysis failed as the price broke through the uptrend line. It seems that SCLP might form a harmonic pattern. If so, have to wait for confirmation.
