STRAX/USDT Bullish Head and Shoulders pattern to play out?STRAX forms a Head and Shoulders pattern which could break upwards in price.
The RSI on the 4h chart currently follows the upwards trend indicated by the yellow line.
Also on the 4h chart we see a bullish cross between the 50 and 200 MA which is indicated by the yellow camera.
If the breakout occurs we expect some upwards movement with the target close to the previous ATH.
Basic rules:
- Never buy the top/ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
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ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Boxes:
- Either entry zone or support zone. Check the description.
