We can see that price could not break the resistance (5 times!), and with the last candle we see that bears pushed the price down again.
Plus we are on top of the channel.
Only thing, EMA 200 tells us to buy. But as we all know, the EMA 200 sometimes is too slow, and thats what I am guessing here.
If we get a good bearish candle next, that is our entry.
As we can see, in the past the price couldn't break the coming resistance.
So we have two scenarios.
Scenario one: Price raises to the resistance, touches, and falls back, all the way to 5.80
Scenario two: resistance breaks, and we have the setup for a breakout. If that happens I will wait for a confirmation to be sure not to run into a trap.
Happy trading to you!
well, technically speaking
a HS need the price to touch the neckline, rebound by making a head, touching the neckline and finally
touch the neckline again to make right shoulder
in summary, it needs a 4 overall hits to be qualified as HS, not even a pseudo HS to me