FTMUSDT 1hr Possible Inverse Head and Shoulders

KUCOIN:FTMUSDT Hi all, it appears there may be an inverse head and shoulders pattern forming on the 1hr through the 4hr chart for FTM/USDT. The head was ultimately caught by the 50 day MA as seen in the picture (thick orange line). Of course, this pattern is not valid until a break of the neckline happens around the 0.4650 area. Just something that I'm monitoring for a potential small timeframe trade. FTM is also trading back above the 20MA on the smaller timeframe charts which gives me more confidence. Ultimately, if this pattern fully formed and was validated, it's possible a measured move to the 0.4950 area could occur where there is significant chop and supply. Also, remember that even if the neckline is broken, it may come back down to retest the breakout of the neckline prior to making the full move. This is just an idea, please do you own research and analysis. Good luck all.

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I forgot to mention invalidation of the idea would occur with a 1hr candle close under the peak of the right shoulder (looks to be about 0.4565) which coincides with a loss of the MA20.

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FTM has now broken the neckline of the inverse head and shoulders to the upside. Smaller timeframe candles have confirmed. Waiting on the 1hr to confirm above and will watch for retest of the neckline, but it's not always a guarantee to retest.

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1hr candle closed well above the trendline, breakout in progress. Remember, can still come down and retest the neckline, but for now it's pushing higher.

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We now have multiple candles that have closed well above the neckline on the 1hr chart. FTM has regained the MA20 on the 4hr chart and is attempting to close a second candle well above the neckline. This move is looking more and more valid. Will be back to see how this 2nd, 4hr candles closes.

williarm55

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