QNTUSD could validate the symmetrical triangle breakout here. Nice sized candle currently above the yellow symmetrical triangle..it has grown a mild bull wick since testing the thickerwhite line above the triangle which is the neckline to a bigger inverse head and shoulders pattern. It could come back down to retest the top trendline of the yellow symmetrical triangle…the most important thing is where the current daily candle closes and how the follow up candle behaves afterwards. As long as we close above the yellow trendline on the current candle probability favors the breakout…however breaking above the white neckline by the follow up candle and flipping it to support will really seal the deal. If we do validate the breakout I would not be shocked if price action came back down to retest the white neckline as support after reaching the triangles full breakout target at $166. If it can hold the white neckline as support after that its a good sign that the inverse head and shoulders pattern will be validating as well taking us even higher. Of course it doesnt have to retest the neckline to validate the inv h&s so wise to anticipate that outcome as well. One last thing to add is there is also a current smaller inv h&s we are breaking up from at the same time as the symmetrical. I forgot to put that patterns target on the chart but the smaller inv h&s target is $137. There’s always a possibility price action corrects after reaching 137 too. *not financial advice*
Inverseheadandshoudlers
Will the golden Fib Maintain support?The 2 main gaps below (8.5k and 7.7k) have now been filled and in doing so on the weekend, we've now created a rather large gap above current price action that will eventually be getting filled as well. The question is whether or not there will be any further downside before that. We can see we are still well under a very a very precarious head and shouylders pattern here but one good sign is the golden fib retracement level(aka the 61.80) is currently been holding support on the daily closes. This is one of Bitcoins absolute favorite fib levels to reverse trend at so it is definitely probably that we could bounce back up from here...if not and we also fail to maintain the 7777 horizontal as support the next likely support is the horizontal around 7428 or so...if we were to go down that far before reversing back upward we would start painting the 2nd shoulder of a very symmetrical textbook looking inverse head and shoulder pattern on the weekly chart that would have a breakout target of 14k. However, if we were to reverse the trend here at the golden fib and go up from here it would also still be a valid inverse head and shoulders the second shoulder just wouldn't be quite as symmetrical. Ultimately as long as we don't dip below 6.3k before finally seeing a trend reversal back upward we will secure our follow up daily higher low after having our first daily chart higher high in awhile which would still be a bullish sign and keep the macro price action in the bulls control. Even if we dipped all the way to our previous low we would still have a double bottom in play that would have the same breakout target as the inverse head and shoulders would...as long as we don't go below 6.3k the bulls still have control but I think we will either see the golden fib maintain support or the 7428 horizontal with the absolute worse case scenario being we dip back to 6.3 and bounce to validate a double bottom. As always this is not financial advice but I personally will be laddering in small buys each rung down, dollar cost averaging/ buying the dip.
Got Em. If you missed it, 2nd buy in IdeaUpdate to my previous idea. Found a lil boost -We broke out.
Momentum was slowly building, all it needed was a kick in the bum
Hope you all snagged the break out. If not, don't worry, I really think we'll get a consolidation around the 3:1 before taking a shot at crossing the trend 38.6 Fib RT. Wait for it.
We'll see what our momentum is looking like around there and make a decision to stay or go.
Rebuy: $7999
TP1: $8170
TP2: $8650
We'll make the decision to pull all our profits, or buy more based on the data.
What are you guys thinking?