Coinbase - head and shoulders pattern (NEW)
Updated
What we can see on the chart is a potential head and shoulders pattern forming.
Currently the price might be forming the right shoulder.
If this pattern were to form itself fully , we will be looking for a break down with a volume surge.
The target from this formation would be around $32.
If you enter short position, remember to put a stop loss which could be placed above the head of the pattern.
Now let's see what we're gonna get.
Good luck
Currently the price might be forming the right shoulder.
If this pattern were to form itself fully , we will be looking for a break down with a volume surge.
The target from this formation would be around $32.
If you enter short position, remember to put a stop loss which could be placed above the head of the pattern.
Now let's see what we're gonna get.
Good luck
Note
The price reclaimed support, however it is likely that the right shoulder is still in a development phase. If you're already in a short, stop loss can be placed above the head of the pattern. We will monitor the price action .Trade active
The right shoulder seems to be fully developed and the price broke down and closed below the support again. Expecting bearish movements soon. Nothing has changed here.Conservative target is $34 if you exclude the upper shadow wick from the head of the pattern.
Aggresive target: $32
Trade active
Good progress so far. Expecting continuation next week!Trade closed: target reached
Conservative target (34 $) reached. Congratulations
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