Technical Analysis of Harmony (ONE/USDT)
Technical Analysis of Harmony (ONE/USDT)
The chart shows the 4-hour timeframe for Harmony (ONE/USDT) with various technical patterns and indicators highlighted:
Head and Shoulders Pattern:
A clear Inverse Head and Shoulders pattern is identified, with the left shoulder, head, and right shoulder marked.
This pattern generally indicates a potential reversal from a downtrend to an uptrend.
Triangle Pattern:
A descending triangle is noted before the formation of the right shoulder, indicating consolidation before a potential breakout.
Resistance and Support Levels:
Multiple resistance zones are highlighted in orange.
Key support levels are noted, particularly around 0.012 USDT.
Volume:
Volume patterns should be watched closely, especially during breakout attempts.
Indicators:
VMC Cipher B: Shows divergences and potential momentum shifts.
RSI (Relative Strength Index): Currently around 50.97, suggesting neither overbought nor oversold conditions.
Stochastic Oscillator: Showing values of 57.69 and 64.49, indicating moderate momentum.
Trading Plan
Intraday Trading
Entry: Look for a break above the neckline of the Inverse Head and Shoulders pattern around 0.0148 USDT.
Target: First target is the immediate resistance level around 0.0160 USDT, followed by the next resistance at 0.0180 USDT.
Stop-Loss: Place a stop-loss just below the right shoulder, around 0.0130 USDT.
Indicators to Watch: Monitor the RSI and Stochastic for overbought conditions, and the volume for confirmation of the breakout.
Scalping
Entry: Enter on short-term momentum shifts indicated by the Stochastic oscillator crossing above 60.
Target: Small targets around 0.001 - 0.002 USDT above the entry point.
Stop-Loss: Tight stop-loss around 0.0005 USDT below the entry to manage risk.
Indicators to Watch: Stochastic oscillator and VMC Cipher B for quick momentum changes.
Swing Trading
Entry: After confirmation of the breakout above the neckline of the Inverse Head and Shoulders pattern and retesting of support.
Target: First target at 0.0220 USDT as per the extended arrow, with a long-term target at 0.0240 USDT.
Stop-Loss: Below the right shoulder, around 0.0130 USDT.
Indicators to Watch: Look for sustained RSI above 50 and increasing volume to confirm the trend.
Advice for Long Position
The chart suggests a potential bullish reversal indicated by the Inverse Head and Shoulders pattern.
A breakout above the neckline around 0.0148 USDT would be a strong confirmation for a long position.
Monitor key resistance levels at 0.0160, 0.0180, and 0.0220 USDT.
Ensure risk management with appropriate stop-loss levels and keep an eye on volume and momentum indicators for confirmation.
Given the current market conditions, entering a long position upon the breakout with close monitoring of resistance levels can be considered a viable strategy.
The chart shows the 4-hour timeframe for Harmony (ONE/USDT) with various technical patterns and indicators highlighted:
Head and Shoulders Pattern:
A clear Inverse Head and Shoulders pattern is identified, with the left shoulder, head, and right shoulder marked.
This pattern generally indicates a potential reversal from a downtrend to an uptrend.
Triangle Pattern:
A descending triangle is noted before the formation of the right shoulder, indicating consolidation before a potential breakout.
Resistance and Support Levels:
Multiple resistance zones are highlighted in orange.
Key support levels are noted, particularly around 0.012 USDT.
Volume:
Volume patterns should be watched closely, especially during breakout attempts.
Indicators:
VMC Cipher B: Shows divergences and potential momentum shifts.
RSI (Relative Strength Index): Currently around 50.97, suggesting neither overbought nor oversold conditions.
Stochastic Oscillator: Showing values of 57.69 and 64.49, indicating moderate momentum.
Trading Plan
Intraday Trading
Entry: Look for a break above the neckline of the Inverse Head and Shoulders pattern around 0.0148 USDT.
Target: First target is the immediate resistance level around 0.0160 USDT, followed by the next resistance at 0.0180 USDT.
Stop-Loss: Place a stop-loss just below the right shoulder, around 0.0130 USDT.
Indicators to Watch: Monitor the RSI and Stochastic for overbought conditions, and the volume for confirmation of the breakout.
Scalping
Entry: Enter on short-term momentum shifts indicated by the Stochastic oscillator crossing above 60.
Target: Small targets around 0.001 - 0.002 USDT above the entry point.
Stop-Loss: Tight stop-loss around 0.0005 USDT below the entry to manage risk.
Indicators to Watch: Stochastic oscillator and VMC Cipher B for quick momentum changes.
Swing Trading
Entry: After confirmation of the breakout above the neckline of the Inverse Head and Shoulders pattern and retesting of support.
Target: First target at 0.0220 USDT as per the extended arrow, with a long-term target at 0.0240 USDT.
Stop-Loss: Below the right shoulder, around 0.0130 USDT.
Indicators to Watch: Look for sustained RSI above 50 and increasing volume to confirm the trend.
Advice for Long Position
The chart suggests a potential bullish reversal indicated by the Inverse Head and Shoulders pattern.
A breakout above the neckline around 0.0148 USDT would be a strong confirmation for a long position.
Monitor key resistance levels at 0.0160, 0.0180, and 0.0220 USDT.
Ensure risk management with appropriate stop-loss levels and keep an eye on volume and momentum indicators for confirmation.
Given the current market conditions, entering a long position upon the breakout with close monitoring of resistance levels can be considered a viable strategy.
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.
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.