STILL BULLISH
I did notice that there is a head and shoulders pattern that is forming and there was a similar pattern that formed during the same time back in 2019. However; there several differences when compared to current set-up. First the price action is above the 100 EMA and more important above the 365 EMA, which is bullish compared to the set-up of 2019. The Phoenix indictor does have similar pattern formation and cannot make any prediction but I'm looking for the Red line to bounce in the area of the pink line indicating potential breakout.
Note
The purple line is actually the 55 EMA sorry for any confusion.Note
Note about the phoenix indicator. There is a distinct difference, between 2019 and currently and that is the green line is above the white shaded area for 2021 and in 2019 the white shaded area is above the green line, indicating bearish pressure. Very subtle difference but it must be respected as bullish pressure. The indicator is always correct and I'm not.Note
sorry for all the little post but I felt it necessary to be clear, I really do not consider the 2021 chart a head and shoulders, some may and some may use it to scare people but and I do think MM forms it so it scare people. I apologize for any confusion, the chart to me is bullish, as is the price action, not that my opinion matters.
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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.