AMPUSD - SHORTAMP is no doubt a trending coin but is seeing a downtrend and will continue and hit it's initial resistance. What do you think about AMPUSD
Ampshort
AMP M formationsM formation
Neutral formation in a bearish trend
Seems to be forming an inverse H&S similar to one previously seen
High risk high reward
I believe this will play out bearishly however. Continuation of the bigger M formation (in orange)
Quite hard to decipher the nature of this chart,
AMP approaching resistance, potential drop! AMP is approaching our first resistance at 135.59 (horizontal pullback resistance, 61.8% fibonacci retracement, 100% fibonacci extension) where a strong drop might occur below this level pushing price down to our major support at 120.34 (38.2% fibonacci retracement).
Stochastic (21,5,3) is also approaching resistance.
AMP approaching resistance, potential drop! AMP is approaching our first resistance at 133.04 (horizontal overlap resistance, 161.8% fiboancci extension, 38.2%, 61.8% fibonacci retracement) where a strong drop might occur below this level to our major support at 118.39 (38.2% fibonacci retracement, horizontal swing low support).
Stochastic (21,5,3) is also approaching resistance and seeing a bearish divergence where we might see a corresponding drop in price.
