We're seeing a classic head and shoulders pattern forming on the 1H timeframe, signaling a potential continuation of the downtrend. The right shoulder is rejecting at key resistance, aligning with the Fibonacci 0.236 - 0.382 zone (19.23 - 19.28), adding confluence to the bearish outlook.
🔎 Indicators Confirm Bearish Momentum:
🔻 RSI Bearish Divergence & Rejection:
RSI is rejecting from the 50-55 zone, a typical resistance level in a downtrend.
No bullish strength yet, confirming potential weakness.
🔻 MACD Bearish Crossover:
The MACD line has crossed below the signal line, suggesting a momentum shift in favor of the bears.
The histogram is turning red, further confirming decreasing buying pressure.
Key Levels to Watch:
🚀 Bullish Breakout: Needs to reclaim 19.52+ for a reversal.
⚠️ Bearish Target: Break below 18.52 (0.5 Fib) opens the door to 17.76 (0.618 Fib) and possibly 16.67 (0.786 Fib).
A breakdown from the neckline could accelerate the move lower. 📉 Watch for volume confirmation!
Would you go short on this setup? Let me know your thoughts! 👇
#Crypto #Trading #HeadAndShoulders #RSI #MACD #TechnicalAnalysis
🔎 Indicators Confirm Bearish Momentum:
🔻 RSI Bearish Divergence & Rejection:
RSI is rejecting from the 50-55 zone, a typical resistance level in a downtrend.
No bullish strength yet, confirming potential weakness.
🔻 MACD Bearish Crossover:
The MACD line has crossed below the signal line, suggesting a momentum shift in favor of the bears.
The histogram is turning red, further confirming decreasing buying pressure.
Key Levels to Watch:
🚀 Bullish Breakout: Needs to reclaim 19.52+ for a reversal.
⚠️ Bearish Target: Break below 18.52 (0.5 Fib) opens the door to 17.76 (0.618 Fib) and possibly 16.67 (0.786 Fib).
A breakdown from the neckline could accelerate the move lower. 📉 Watch for volume confirmation!
Would you go short on this setup? Let me know your thoughts! 👇
#Crypto #Trading #HeadAndShoulders #RSI #MACD #TechnicalAnalysis
Trade closed: target reached
📈 Trade Closed: +10% Profit! 🎯
The head and shoulders pattern played out perfectly, with price rejecting at the Fibonacci 0.236 - 0.382 zone (19.23 - 19.28) and breaking down as expected.
🔻 RSI confirmed weakness, rejecting from the 50-55 level.
🔻 MACD bearish crossover signaled momentum shift early.
🔻 Volume increased on the breakdown, adding confluence to the short trade.
✅ Closed the trade with a solid +10% profit! Looking for the next setup—will the downtrend continue, or are bulls ready to step in?
What’s your next move? 🚀📉
#Crypto #Trading #Profit #TechnicalAnalysis #HeadAndShoulders #RSI #MACD
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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.