Inverse Head and Shoulder with target of $12,000
Hey guys,
The ColorChartist has not quit the speculation game yet.
I am still annoyed to write and describe by analysis, so I'll keep it short.
In my opinion we are now trading in a Triangle Pattern with an eventual Head and Shoulder that could possibly form its Right Shoulder if we break down to the $7,350 area and bounce from there to the upward direction.
If we break out the Red Descending Trendline, we could probably get to the $9,026 price level coinciding to the 0.618 Golden Ration of the Fib Retracement drown. Breaking that 0.618 level to the upside would be a confirmation of the break of the Neckline of the Head and Shoulder which could give us a potential target of $12,075.
I really think we are heading to the $12,000 area, but if the Head and Shoulder is invalidated and we break the Yellow Ascending Trendline to the downside, who knows if $4,550 is not in the cards.
Time Will Tell!
#TheColorChartist #GbazCrypto #NotFinancialAdvice #BrandNewPaxoChart
The ColorChartist has not quit the speculation game yet.
I am still annoyed to write and describe by analysis, so I'll keep it short.
In my opinion we are now trading in a Triangle Pattern with an eventual Head and Shoulder that could possibly form its Right Shoulder if we break down to the $7,350 area and bounce from there to the upward direction.
If we break out the Red Descending Trendline, we could probably get to the $9,026 price level coinciding to the 0.618 Golden Ration of the Fib Retracement drown. Breaking that 0.618 level to the upside would be a confirmation of the break of the Neckline of the Head and Shoulder which could give us a potential target of $12,075.
I really think we are heading to the $12,000 area, but if the Head and Shoulder is invalidated and we break the Yellow Ascending Trendline to the downside, who knows if $4,550 is not in the cards.
Time Will Tell!
#TheColorChartist #GbazCrypto #NotFinancialAdvice #BrandNewPaxoChart
Related publications
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.