Inverse Head & Shoulders - Long opportunity with 6:1 R:R Hi all,
Main TA Points;
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1. Inverse H&S pattern.
2. Break and retest of 20MA currently holding.
3. Bollingers continue to tighten signalling incoming volatility.
4. No relief rally in over 10 weeks.
5. Good R:R
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Talking Points;
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Going to keep it simple this time,
After reaching a peak of 6.5 cents we have had a long consolidation across the board. There has been uncertainty as to whether the Crypto Bull Run is over.
I am of the persuasion that this is not the case. This month is crucial for all Crpyto to regain momentum and I think we will be successful.
Nevertheless, we have not seen a relief rally in the last 2+ months and at the very least I expect a retest of the ichomoku as resistance for Siacoin.
Additionally we have a break of the descending trend line for SCBTC pairing. Obviously we would prefer that Bitcoin leads the charge, and its worth noting that we are still valued at over 30K which is outstanding when you think about it.
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Estimates;
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As a measured move we are looking to test the 2.2 cent region. The R:R is good on this trade.
Good luck,
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