Inverse H&S
Inverse Head & Shoulder printed on the daily chart.
Breakout of the neckline on increasing volume.
Trading halted on Nasdaq on friday 8th of november pending a T12 halt (Nasdaq requesting additional information from Cleanspark)
According to sources Cleanspark has on the 31st of october 2024 filed (and got approved) an application (8-A 12(b)) to register securities, namely warrants excercisable for shares of common stock at an price of $165.24 per share with expiration date in the year 2028. this implication happened due to the merger of Cleanspark and GRIID infrastructure.
1 warrant = 960,395 shares
165.24 x 0.069593885 = $11.50 (share value when deal was completed)
How this impacts the market I can only guess, but looking at the overall increasing volume and the inverse Head & Shoulders pattern I am drawing the conclusion that we are looking at accumulation and on the verge of breaking higher
Bullcase: Neckline acts as support as price makes higher highs
Next level of resistance at $16 (fibonacci 50% level)
Target: $20
Bearcase:
Neckline breaks to the downside and acts as resistance. Price breaks lower, this was a distribution area.
Asset can be consciderd as weak due to being in the area under the fibonacci 50% level and as price makes lower highs it could trigger a sell of
Target: $5
bearcase less likely due to the macro environment BTC making higher highs as global liquidity is on the rise
Breakout of the neckline on increasing volume.
Trading halted on Nasdaq on friday 8th of november pending a T12 halt (Nasdaq requesting additional information from Cleanspark)
According to sources Cleanspark has on the 31st of october 2024 filed (and got approved) an application (8-A 12(b)) to register securities, namely warrants excercisable for shares of common stock at an price of $165.24 per share with expiration date in the year 2028. this implication happened due to the merger of Cleanspark and GRIID infrastructure.
1 warrant = 960,395 shares
165.24 x 0.069593885 = $11.50 (share value when deal was completed)
How this impacts the market I can only guess, but looking at the overall increasing volume and the inverse Head & Shoulders pattern I am drawing the conclusion that we are looking at accumulation and on the verge of breaking higher
Bullcase: Neckline acts as support as price makes higher highs
Next level of resistance at $16 (fibonacci 50% level)
Target: $20
Bearcase:
Neckline breaks to the downside and acts as resistance. Price breaks lower, this was a distribution area.
Asset can be consciderd as weak due to being in the area under the fibonacci 50% level and as price makes lower highs it could trigger a sell of
Target: $5
bearcase less likely due to the macro environment BTC making higher highs as global liquidity is on the rise
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