meme/usdt 15M
Yellow Areas (Resistance Zones):
These zones may represent points where the price previously rose but pulled back due to selling pressure. Such levels are generally considered resistance.
The first yellow area indicates a peak around 0.01688. This could potentially serve as the "head" in a possible Head and Shoulders (H&S) pattern.
Regions Marked with Yellow Arrows:
In these areas, the price reached resistance levels and reacted. This reaction could be interpreted as the "shoulders" in a potential H&S pattern.
If the H&S pattern is valid, the price is expected to pull back to the neckline and break below it.
Neckline and Support:
The price action appears to be testing the support line (blue line) around 0.01614. If a breakdown occurs below this level, the H&S pattern may be confirmed.
The chart suggests the possibility of an H&S formation, but for the pattern to be validated:
The neckline must be clearly broken,
The breakdown should be supported by increased volume.
These zones may represent points where the price previously rose but pulled back due to selling pressure. Such levels are generally considered resistance.
The first yellow area indicates a peak around 0.01688. This could potentially serve as the "head" in a possible Head and Shoulders (H&S) pattern.
Regions Marked with Yellow Arrows:
In these areas, the price reached resistance levels and reacted. This reaction could be interpreted as the "shoulders" in a potential H&S pattern.
If the H&S pattern is valid, the price is expected to pull back to the neckline and break below it.
Neckline and Support:
The price action appears to be testing the support line (blue line) around 0.01614. If a breakdown occurs below this level, the H&S pattern may be confirmed.
The chart suggests the possibility of an H&S formation, but for the pattern to be validated:
The neckline must be clearly broken,
The breakdown should be supported by increased volume.
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.