Short

BULLISH ON THIS BONK HEAD AND SHOULDERS

Updated

In this chart of , the coin is forming a head and shoulders pattrern, citing a possible bearish move for the coin on a day trading perspective. But why am I bullish for the coin? More details on the idea thread below.

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This is the detailed chart for the coin's head and shoulder pattern as noticed I utilize diagonal trendline as the neckline. Now, it's a waiting game for a possible breakdown.

Also plotted the diagonal resistance for a possible mini breakout play. If a breakout happens on the larger one, possibly it could lead to a reversal.

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As the title suggests, the coin possible forming an inverse head and shoulders, citing a bullish pattern for BONK. And for that to accomplish, the current pattern should materialize.

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Update on BONK:
- Currently on the neckline as the price movement aims for a breakdown.
- Plotted its diagonal resistance as it forms a bull triangle. Price could also consolidate inside the triangle if we don't see a breakdown today.
- Possibly a day or two we could see a major move for BONK.

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TP2 HIT!

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SL HIT. Coin currently on a breakout of the current diagonal resistance. If you have entered, plot the fib lines or key trendlines. My next approach for the coin is to wait for either a possible bearish pattern for it to make out the inverse head and shoulders pattern.

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Updated the trendline resistance for BONK for possible reversal but overall, still bearish not just for BON but for other major coins as well. If you want to set a trade for BONK, take note that its inside the triangle, and it could just move sideways inside, a preferrable setup for scalpers. My strategy would be to wait on the support of 2071 for another breakdown.

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Possible inverse head and shoulders

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BONK currently on a critical trendline. It's a WAITING game for the coin for a possible inverse head and shoulder breakout play.

But I'll consider first the diagonal support in a day trading timeframe as the price teases a breakdown. It also presents a bearish divergence with the price forming higher high and oscillators forming a lower high.

The coin could be a pullback for the bullish trend of the coin. These are the price lines I would consider for a breakdown play using Fibonacci retracement from 382 to 618.

On my view, I would see a consolidation on the coin. That would be much preferred for another potential major bullish movement of the coin. If a breakout confirms, I would update you all on what would be my approach for BONK.

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Saw a confirmation of breakdown due to the trendline rejection on the plotted support now acting as the resistance for the current price movement for BONK on a day trading perspective. If you have entered on a breakdown, congratulations on your profits. As of this writing, BONK price has hit 2674 or the 0.5 Fib line retracement refer to the image above this thread.

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Key takeaways for BONK:
- Looks like we can't see the clear head and shoulders pattern but do consider still the neckline of 2940.
- A double top is observed on the day trading chart and is on a breakdown and currently rests at our 236 Fib key line.
- Did not enter a trade yet and my strategy in entering is another breakdown on the Fib line and label the next key Fib near the double top neckline as the potential TP hit area.

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Executed a long trade for BONK after breaking out on its diagonal resistance and took profit at the 0.5 Fib level, which is a key trendline.

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My approach now for BONK is to wait for either a possible bounce that could act as the current support OR a convincing breakdown around the trendline. Still considering the double top neckline as we are still on the downtrend. But there's one more thing to consider...

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Correlated with BTC and other coins, it forms an inverse head and shoulders, a bullish pattern for the coin. If we saw a bounce then, this could potentially play out.

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One of main reasons why I exited at the 0.5 Fib line. It's a waiting game for the coin on an intraday trading standpoint. I would also like to take note of the upcoming economic events especially CPI reports that will happen this week and volatility for the coins is imminent.

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After a few days, a pattern has formed. Take note of the price line of 2538 that can be a critical trendline for the next major move for BONK and will wait if we can see a breakout or a rejection.

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BONK currently on the neckline

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TP1 HIT

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I'm viewing 0.027 as the next possible resistance. Refer to the chart with backtesting.

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Watch out this neckline

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As we saw the pumping of BTC, it had a correlated move with other coins including BONK. I point out to watch the neckline for the possible breakout and currently had a major bull move. I entered a trading position for BONK upon the breakout and my take profit area would be the 0.618 Fibonacci trendline. Stop loss set below the neckline.

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Take profit hit at 3433 or the 618 Fibonacci key trendline.

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Hoping for this scenario.

luigi360swirl

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