RACAUSDT 🚀 Inverse Head Shoulders
Updated
Hey guys!
Today I'd like to share a RACA Coin idea. I've spotted an inverse head and shoulders pattern that has formed after a solid downtrend. Confirmation to the bullish upside would be a breakout and re-test of the descending triangle line marked in red and followed by entry trigger dropping into the lower timeframes such as Daily TF.
Confluences:
We need the breakout of the pattern to the upside to confirm bullish reversal. But having this pattern itself after a huge drop, it's pretty awesome!
We've got Ichimoku Cloud breakout on the Weekly TF which signals bulls are taking over still make sure you have a plan to be certain with your confirmations.
Targets are marked in the chart with text:
1) 0.0015
2) 0.0025
3) 0.0070
Stop loss below the cloud or 2 ATR or below swing low. Manage that according to your trading plan and take profits partially as you go hitting the targets.
Let's see how it plays out!
Kina 🚀
Today I'd like to share a RACA Coin idea. I've spotted an inverse head and shoulders pattern that has formed after a solid downtrend. Confirmation to the bullish upside would be a breakout and re-test of the descending triangle line marked in red and followed by entry trigger dropping into the lower timeframes such as Daily TF.
Confluences:
We need the breakout of the pattern to the upside to confirm bullish reversal. But having this pattern itself after a huge drop, it's pretty awesome!
We've got Ichimoku Cloud breakout on the Weekly TF which signals bulls are taking over still make sure you have a plan to be certain with your confirmations.
Targets are marked in the chart with text:
1) 0.0015
2) 0.0025
3) 0.0070
Stop loss below the cloud or 2 ATR or below swing low. Manage that according to your trading plan and take profits partially as you go hitting the targets.
Let's see how it plays out!
Kina 🚀
Note
Here we have a very interesting pattern. A curved trendline which is usually very rare to spot. I've marked here situations that could happenNote
Still looks pretty weak but it broke out poorly from the curved trendline. Need to wait and hold to see a proper breakout on this pattern to make it validNote
2 things happened here. It broke out and touched 0.00034 resistance and it got rejected which coincides with the horizontal purple line I put in there and the ichimoku cloud resistance. Unfortunately, didn't make it to the red downwards line as I was hoping for but another thing happened instead. Price broke down the pattern and re-tested it to then continue downwards and I believe this is going down to the support zone marked in green. Either we get a nice position there or wait for price to touch the yellow area which is also a demand zone. Both entries would be totally great to enter!Note
Broke down from the support lower band area so we can expect to enter at a better priceNote
Still is in the same situation. Broke the trendline but the volume is not good enough for a breakout. However, we've got a breakdown, re-test and then kept dropping but it still is consolidating. I believe a great buy opportunity might be opening for us soon! I'll keep this updated.Note
Price actually started consolidating after the breakdown, but we can spot a sort of inverse head-and-shoulders pattern. We just need to wait for the breakout or breakdown to act accordingly.If it breaks upwards, then the target in the short term would be: 0.0003346.
If it breaks downwards, then the target in the short term would be: 0.0001000.
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