Weed has formed an almost complete head and shoulder pattern. It formed perfectly within the strong downward channel (green dotted lines). I expect we are going to see price falling at least towards 23.5 but most likely towards 21.4. If that last called scenario is confirmed a descending wedge is forming with the purple line and green dotted top line of the downward channel. IMO this could lead into an upwards breakout and a turn around into some bullish price movement.
I'm learning. Please let me know what you think of this analysis.
agreed heading lower...50 dma is acting as strong resistance now too
JohnCDA17
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Are you awear that quartely results beat expectations?
brunskovic
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@JohnCDA17, Thanks. Yes just saw they released financial results. Didn't take that in account at all. Beginners fault.. Like I said.. great lesson. Once again. Thanks for taking some time to respond!
JohnCDA17
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@brunskovic, im also fairly new at trading, but those patterns should be at least 3 to 4 weeks length minimum. I also saw a cup and handel but the pattern was about 4 to 5 days which means nothing !
I would hope for WEEDER to go as high as 35$ today but it will come back down...
brunskovic
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@JohnCDA17, You might be right but there are a lot of experienced traders/charters who called an inverse head and shoulders pattern on BTCUSD. That pattern was formed within 2 weeks.
Like this guy.