The market is currently exhibiting a prevailing downtrend, prompting a focus on identifying potential short-selling opportunities. According to this analysis, a Head and Shoulders (H&S) pattern has formed on the 3-5min chart, presenting a potential bearish entry following a confirmed break below the neckline.
For traders who have entered short positions based on this pattern, there are two potential target levels identified at [0.63500] and [0.62870], derived by the hourly strong resistance level, the 4 hour downtrend, the previous recent lower low, the overbought RSI, and a few other indicators used.
Conversely, while the primary focus is on sell opportunities due to the overarching downtrend, potential long positions would require more significant confirming signals. These confirmations may include [ a break and close above a key resistance level, bullish divergence on a specific indicator, positive fundamentals and a LOCK.
Further detailed analysis and real-time updates are available just send a message or leave a comment!
For traders who have entered short positions based on this pattern, there are two potential target levels identified at [0.63500] and [0.62870], derived by the hourly strong resistance level, the 4 hour downtrend, the previous recent lower low, the overbought RSI, and a few other indicators used.
Conversely, while the primary focus is on sell opportunities due to the overarching downtrend, potential long positions would require more significant confirming signals. These confirmations may include [ a break and close above a key resistance level, bullish divergence on a specific indicator, positive fundamentals and a LOCK.
Further detailed analysis and real-time updates are available just send a message or leave a comment!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.