IOTA/USD: Loving making H&S patterns.
Updated
Hello ladies and gentlemen! Welcome to my second crappy chart! Let's have some fun shall we?
Still here? Go check some of the pros...better info, I'm serious.
Here we have Iota/USD on 4h charts and the bears have the upper hand for quite some time. It produced a Death Cross (marked as red) awhile ago and been on the down since.
Since the Death Cross it traded bellow the 50 EMA (in yellow) which served as hard resistance BUT now it managed to trade above it and between the 50 and 200 EMA (in purple), now it is the first major resistance together with the 61.8 Fib (they are kinda too close aren't they?).
It appears to be have created and inverted Head & Shoulders pattern and I like that (just cos it sounds good doesn´t it?).
The MACD almost made a bearish cross but also managed not to...so far!
I've maked the target price for the H&S pattern in lovely yellow (getting good at marking charts...so pretty) which itself is on the psicological 50% Fib., will serve as heavy resistance...does it gonna reach that price? Heck I know, just saying it can.
Best Regards,
Legal Disclaimer: This information is not financial advice nor a recommendation to buy or sell. It's only meant for use as informative, entertainment and educational purposes.
Still here? Go check some of the pros...better info, I'm serious.
Here we have Iota/USD on 4h charts and the bears have the upper hand for quite some time. It produced a Death Cross (marked as red) awhile ago and been on the down since.
Since the Death Cross it traded bellow the 50 EMA (in yellow) which served as hard resistance BUT now it managed to trade above it and between the 50 and 200 EMA (in purple), now it is the first major resistance together with the 61.8 Fib (they are kinda too close aren't they?).
It appears to be have created and inverted Head & Shoulders pattern and I like that (just cos it sounds good doesn´t it?).
The MACD almost made a bearish cross but also managed not to...so far!
I've maked the target price for the H&S pattern in lovely yellow (getting good at marking charts...so pretty) which itself is on the psicological 50% Fib., will serve as heavy resistance...does it gonna reach that price? Heck I know, just saying it can.
Best Regards,
Legal Disclaimer: This information is not financial advice nor a recommendation to buy or sell. It's only meant for use as informative, entertainment and educational purposes.
Note
We still need confirmation on the H&S break. Until it breaks the neckline one should just stand by and watch the pretty charts unfold.The price is findind support on the 50 EMA but it's getting squized withing 200 ane 50 EMA (I don't like it). After a bearish cross on MACD it's finally starting to curl up.
Let's see if it find the necessary momentum to make a decisive break upwards, for that the volume does need to increase quite a bit...we are watching.
Note
There's a bigger inverse H&S in the making which overcomes the smaller one that occurred. MACD had a nice bullish cross. Be aware of the neckline, if it break upwards we have confirmation. If pattern doesn't complete or there is no break on the neckline we could have another play into motion.
Note
Inverse H&S complete. Now will it have enough backup to break neckline with good volume...let's keep an eye.Safe trades and have a lovely night!
Disclaimer
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