Down from the big H&S pattern
Updated
The H&S pattern was confirmed, but the way down was stopped on the support line at $6600. Let's see if it holds, I think it won't, given the size of the H&S. We will most likel build a bear flag and continue the way down.
There will be another support zone around $6400, the only place where the way down could be stopped.
There will be another support zone around $6400, the only place where the way down could be stopped.
Comment
Got rejected on the $6653 support line and pushed back into the neck of the H&S where we have a Fibonacci price level. Bulls don't give up,they won some momentum, but I think it won't last.Comment
Whales are trying to push up by liquidating short positions. Yet the 50% $6817 Fibonacci level seems to hold, it acts as resistance. Only 3 whales weren't enough to break it.Comment
On the 15 min chart I can see a bullish MACD trend, but the volume is low and decreasing. We might succeed to have a retracement here and go up, but I don't think we can climb more than $7360 due to the huge resistance line formed there; we would need much more volume/belief for that, and many people were expecting more from the last bounce, so I think they won't push again.Please note these are my own opinions, not an advice for anybody.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.