Short
Elrond token to drop back under 1 cent. H&S almost confirmed.
ERD/USDT is set to break to the downside with a potential target of 0.9 cents and perhaps even a bit further.
The chart seems to be printing a head and shoulder pattern with the top around 0.017 and the shoulders at 0.015. We have dropped from the right shoulder and even though regaining that level may be possible I find it highly unlikely. In my opinion a symmetrical H&S formation has the potential to take us down to $0.008, the base of the pattern.
However the price action is likely to be supported by the 200d MA at around $0.009.
This also happens to be around the 0.618 Fibonacci retracement level for the current wave. For this reason in my opinion the price may be supported at this level and not retest the Bottom of the H&S formations.
Thank you guy for indulging in the speculative ramblings of a novice trader. Please like if you found anything of value and Share your thoughts in the comment.
The chart seems to be printing a head and shoulder pattern with the top around 0.017 and the shoulders at 0.015. We have dropped from the right shoulder and even though regaining that level may be possible I find it highly unlikely. In my opinion a symmetrical H&S formation has the potential to take us down to $0.008, the base of the pattern.
However the price action is likely to be supported by the 200d MA at around $0.009.
This also happens to be around the 0.618 Fibonacci retracement level for the current wave. For this reason in my opinion the price may be supported at this level and not retest the Bottom of the H&S formations.
Thank you guy for indulging in the speculative ramblings of a novice trader. Please like if you found anything of value and Share your thoughts in the comment.
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