LETS SEE IF THIS FORMS A HEAD AND SHOULDERS OR GOES BULLISH. IF IT BREAKS ITS A HEAD AND SHOULDERS BEARISH.
This is a great set up I have seen today. The charts are addictive i could possible see a head and shoulders lets see if it reaches the 51 fib. I look at higher times first and look for patterns. Double tops pin bars or any rejections on the key area.
Normally I don’t trade crypto but looks like I will. A break and retest of a key area.
As my learning and trades are improving i pay more attention on patterns flags and candlesticks. Waiting for a break out on lower time frames. I look at Daily first H4 and H1 for entry on key levels.
We are on the daily time frame watching this pattern. lets wait for more confluences. I have marked two zones potential to enter.
I will take entry only if price comes back to 38 fib or above. wait for more confirmation and rejections on key area.
THE 50 EMA IS SUPPORT. BUT LOOK FOR MORE REJECTIONS
Lets see if this is a head and shoulders after the candle stick completes.
lets see if this breaks out the Flag pattern. wait for more confluence as the 38 fib lines perfect.
it looks good lets wait for a break out. fib top to bottom 51 lines perfect.
Looking at the charts here we need more confluence to enter the trade. I have drew a few i will be putting my alerts on the key area.
Inverse head and shoulders this could be a great trade.