HTF Bullflag, LTF H&S
Howdy - Quick idea here for potential short term and long term setups.
We are in a weekly uptrend and recently saw our first signs of weakness by a double top and neckline retest. The next moves will decide whether we continue our bullish performance or continue to see struggle from buyers at this level.
Bullish Bias: On the weekly, we broke out of a strong bull trend line and approached our swing low. We had a strong bounce (indicating strong support and additional liquidity). We are seeing a potential bull-flag and approaching the top of that down-trend line. Even if we don't break out on this attempt, this is still a longer-term possibility. If we break out of resistance line with force, we can see price continue up to retest the 2.000 psychological level.
Bearish Bias: On the MTF (2HR), if we reject the upper trend line, we can see a drop toward 1.7500 liquidity or at minimum a neckline retest. This is where we might see our H&S play out to propel us toward that demand zone.
We are in a weekly uptrend and recently saw our first signs of weakness by a double top and neckline retest. The next moves will decide whether we continue our bullish performance or continue to see struggle from buyers at this level.
Bullish Bias: On the weekly, we broke out of a strong bull trend line and approached our swing low. We had a strong bounce (indicating strong support and additional liquidity). We are seeing a potential bull-flag and approaching the top of that down-trend line. Even if we don't break out on this attempt, this is still a longer-term possibility. If we break out of resistance line with force, we can see price continue up to retest the 2.000 psychological level.
Bearish Bias: On the MTF (2HR), if we reject the upper trend line, we can see a drop toward 1.7500 liquidity or at minimum a neckline retest. This is where we might see our H&S play out to propel us toward that demand zone.
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