TRXETH Head and Shoulders formed, Trend Line looking to break
Hi All,
This is my first TA that I have shared, please let me know your thoughts,
What we have here is a head and shoulders pattern with a rising neckline. If we look at the past H&S formations we can see that we have had a retracement to the initial pivot of the first shoulder as a minimum. We have also retraced approx 80% on the second H&S(2) distance from Head height to neckline providing us a possible target.
Interestingly it seems as though the recent dominant trend has converged with the neckline. A clear break below 0.00015000 (previous trend) would provide a confirmation of trend reversal.
First purchase zone would be between 0.00013000 and 0.00010500. Buy Signal would be RSI crossing 50 mark. If it fails to do so a clear break under 0.00010000 would likely bring us to a buy zone of 0.00006500 to 0.00008500. Based on an 80% retracement the latter seems more likely.
This analysis defines entry point, exit strategy would be based on confirmed trend reversal once more.
Cheers,
**This is sharing an idea and does not constitute trading advice, please act with due diligence when trading any market**
This is my first TA that I have shared, please let me know your thoughts,
What we have here is a head and shoulders pattern with a rising neckline. If we look at the past H&S formations we can see that we have had a retracement to the initial pivot of the first shoulder as a minimum. We have also retraced approx 80% on the second H&S(2) distance from Head height to neckline providing us a possible target.
Interestingly it seems as though the recent dominant trend has converged with the neckline. A clear break below 0.00015000 (previous trend) would provide a confirmation of trend reversal.
First purchase zone would be between 0.00013000 and 0.00010500. Buy Signal would be RSI crossing 50 mark. If it fails to do so a clear break under 0.00010000 would likely bring us to a buy zone of 0.00006500 to 0.00008500. Based on an 80% retracement the latter seems more likely.
This analysis defines entry point, exit strategy would be based on confirmed trend reversal once more.
Cheers,
**This is sharing an idea and does not constitute trading advice, please act with due diligence when trading any market**
Note
Buy target 1 reached. Idea played out very well so far.
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