Potential inverse H&S breakout.
The depth of head from neckline is over 10 points.
So, a textbook break out target is near 33ish. Which is over 50% profit.
Other factors to consider:
Short Percent of Float => 64.58 %
Short Interest Ratio (Days To Cover) => 5.4
Trading above 20, 50, 100 SMA on daily.
MACD positive and expanding.
Keep an eye on MACD and RSI for signs of reversal.
Break out above 83 and hold 83 as support will be a good indication. Breakout above neckline will target 105-110 area near 200 MA.
There is support around 76-77 area.
Break below 75 will be a sell signal.
MACD looking to give signal for the breakout.
SMA 20 and looking to cross above 50 which is a bullish sign.
However, volume is low.
The low volume suggests that most are waiting on the sidelines for market to decide.
Both shorts and longs on bitfinex has jumped a bit in the last few days. So, we are neutral on that part too.
So, overall look on daily leans a...
Another inverse H&S on hourly... for quick profit seekers... can buy when the right side of right shoulder start to form and sell if neckline start to show resistance.
This is just an analysis... Trade at your own risk.