Hi guys,
Taking a look at the 30min chart, we can see 2 inverse head and shoulder possibilities. The larger one in green and the smaller one that's almost complete in orange. The one thats almost complete in orange is targeting $9,350 or so and the larger one (if the orange one doesn't matérialise) is potentially targeting$9,450 is the right shoulder forms.
In either case, there are enough bullish signals/patterns on the chart to warrant an increase in price. RSII is in good territory while MACD is neutral looking. Also, the 50 and 200 EMA are approaching each other which if they cross would be very bullish
Good luck and dont forget to push that like button for me. Comments are always appreciated.
Taking a look at the 30min chart, we can see 2 inverse head and shoulder possibilities. The larger one in green and the smaller one that's almost complete in orange. The one thats almost complete in orange is targeting $9,350 or so and the larger one (if the orange one doesn't matérialise) is potentially targeting$9,450 is the right shoulder forms.
In either case, there are enough bullish signals/patterns on the chart to warrant an increase in price. RSII is in good territory while MACD is neutral looking. Also, the 50 and 200 EMA are approaching each other which if they cross would be very bullish
Good luck and dont forget to push that like button for me. Comments are always appreciated.
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So the smaller inverse H&S didnt seem to play through but the larger one still in play although with some adjustments and a higher target. Take a look:
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We could also be invalidating the rising wedge making a higher high which coincides with a newly formed top of channel if the high $9,5XX comes through as seen in the chart above. Top trend line would be the top of the channel.
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We are at the high resistance area. Clearing this would make the target a lot more viable. Good luck and please dont forget to hit the like button if you found this useful.