HBAR / BTC - Update: Make or Break Time for HBAR
HBAR has returned to major support area (between 350-380 sats roughly).
- If we break and close with a daily candle below the green box, HBAR is likely to move further down
- For it to be bullish, we need to get back above the bottom of the yellow triangle (approx 397-400 sats)
In the bearish scenario, it's possible a short-term bullish move occurs that takes us back up to 400 area to re-test the bottom of the yellow wedge.
In the bullish scenario, the same thing could occur, but we would need to break above the wedge, and then re-test it, or hit the bottom, go down, and on re-test break through.
NOTE - typically a wedge like this breaks down after multiple tests of the flat bottom (but there's also a possibility this is a symmetrical triangle, which is why i drew both)
NOTE 2 - our lowest low in this wedge was around 332 (near the beginning), it's also possible we hit that low again before breaking back up, so be careful, I prefer not going lower than 350.
- If we break and close with a daily candle below the green box, HBAR is likely to move further down
- For it to be bullish, we need to get back above the bottom of the yellow triangle (approx 397-400 sats)
In the bearish scenario, it's possible a short-term bullish move occurs that takes us back up to 400 area to re-test the bottom of the yellow wedge.
In the bullish scenario, the same thing could occur, but we would need to break above the wedge, and then re-test it, or hit the bottom, go down, and on re-test break through.
NOTE - typically a wedge like this breaks down after multiple tests of the flat bottom (but there's also a possibility this is a symmetrical triangle, which is why i drew both)
NOTE 2 - our lowest low in this wedge was around 332 (near the beginning), it's also possible we hit that low again before breaking back up, so be careful, I prefer not going lower than 350.
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