Head Shoulders Inverse and Parallel Uptrend with Targets
Updated
This is an update to a previous post. RLC / BTC saw a strong reaction, bouncing hard off the neckline of the inverted head and shoulders on its 2nd re-test attempt. The 1st attempt nearly failed but also reacted strongly.
Now we're forming a parallel uptrend as it works its way to the TP 1 of the HSi. Reaching TP 1 would confirm a breakout of that as well and provide even higher targets.
RLC is an AI-based crypto. If Bitcoin manages to hold up, AI-based crypto projects may be the next big thing after NFTs and DeFi.
Why a new chart? The previous chart was not a logarithmic view, this one is. Either could be used, but I'm lately tending to prefer log charts.
Both of my previous charts for BTC and USD pair are linked below under related ideas.
Now we're forming a parallel uptrend as it works its way to the TP 1 of the HSi. Reaching TP 1 would confirm a breakout of that as well and provide even higher targets.
RLC is an AI-based crypto. If Bitcoin manages to hold up, AI-based crypto projects may be the next big thing after NFTs and DeFi.
Why a new chart? The previous chart was not a logarithmic view, this one is. Either could be used, but I'm lately tending to prefer log charts.
Both of my previous charts for BTC and USD pair are linked below under related ideas.
Note
Update - so far RLC has continued up from the neckline and made a significant move up from 646 -> 717, approaching the mid-point of the channel.Note
Check this out - measured move from the original move down and where we landed and where we are now line up with the 1.5x and 1x targets:
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