What we can see on the chart is a potential head and shoulders pattern forming. Currently the price might be forming the right shoulder.
If this pattern were to form itself fully , we will be looking for a break down with a volume surge. The target from this formation would be around $32.
If you enter short position, remember to put a stop loss which could be placed above the head of the pattern.
Now let's see what we're gonna get.
Good luck
Comment
⋅
The price reclaimed support, however it is likely that the right shoulder is still in a development phase. If you're already in a short, stop loss can be placed above the head of the pattern. We will monitor the price action .
Trade active
⋅
The right shoulder seems to be fully developed and the price broke down and closed below the support again. Expecting bearish movements soon. Nothing has changed here.
Conservative target is $34 if you exclude the upper shadow wick from the head of the pattern. Aggresive target: $32
Trade active
⋅
Good progress so far. Expecting continuation next week!
I think that the range of possible price movements is not allocated quite correctly, it is worth checking them through the volume profile. But in general, I support the idea, the description is detailed, the technical analysis is qualitative. Thank you for your work!
UnknownUnicorn15614419
⋅
A very high-quality analysis of the asset. I think that the immediate price reaction will help make sure of the further direction of movement. Buddy, I wonder what indicators you use in your analysis?