Chart Pattern: Head and Shoulders Formation
The chart shows a potential Head and Shoulders pattern, which is a bearish reversal setup. The head is the highest peak, while the two shoulders form lower highs on both sides. The price has already broken below the neckline, indicating a sell opportunity.
Key Levels:
Resistance Levels:
$3,055.29 – Major resistance
$3,046.10 – Key level near recent highs
$3,030.58 – Short-term resistance where price is currently retesting
Support Levels (Potential Targets):
$2,981.18 – First support level
$2,939.81 - $2,931.99 – Strong demand zone
$2,881.49 – Major support level
Trade Setup:
Entry:
The price has broken below the neckline and is currently retesting the breakdown zone (~$3,030.58).
If the retest holds, it confirms a sell entry opportunity.
Target:
First target near $2,981.18
Second target around $2,939.81 - $2,931.99
Final target at $2,881.49 for a deeper correction
Stop-Loss:
A stop-loss above $3,046.10 to minimize risk
Market Sentiment:
The break below the neckline and a possible rejection at the retest area suggest further downside potential.
If buyers push the price above $3,046.10, the bearish outlook would be invalidated.
This setup presents a high-probability short trade if confirmation follows through after the retest. Traders should monitor price action around the retest zone before entering a position. 🚨📉
The chart shows a potential Head and Shoulders pattern, which is a bearish reversal setup. The head is the highest peak, while the two shoulders form lower highs on both sides. The price has already broken below the neckline, indicating a sell opportunity.
Key Levels:
Resistance Levels:
$3,055.29 – Major resistance
$3,046.10 – Key level near recent highs
$3,030.58 – Short-term resistance where price is currently retesting
Support Levels (Potential Targets):
$2,981.18 – First support level
$2,939.81 - $2,931.99 – Strong demand zone
$2,881.49 – Major support level
Trade Setup:
Entry:
The price has broken below the neckline and is currently retesting the breakdown zone (~$3,030.58).
If the retest holds, it confirms a sell entry opportunity.
Target:
First target near $2,981.18
Second target around $2,939.81 - $2,931.99
Final target at $2,881.49 for a deeper correction
Stop-Loss:
A stop-loss above $3,046.10 to minimize risk
Market Sentiment:
The break below the neckline and a possible rejection at the retest area suggest further downside potential.
If buyers push the price above $3,046.10, the bearish outlook would be invalidated.
This setup presents a high-probability short trade if confirmation follows through after the retest. Traders should monitor price action around the retest zone before entering a position. 🚨📉
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❌ NO!
✅ You CAN and SHOULD make money in trading!
Join me, and I'll help you become a profitable trader 💵🚀
Join Me On TG: t.me/Pipsoptimizer
Free Signals: t.me/Pipsoptimizer
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.
🌹 Is Trading Just a Casino? 💔
❌ NO!
✅ You CAN and SHOULD make money in trading!
Join me, and I'll help you become a profitable trader 💵🚀
Join Me On TG: t.me/Pipsoptimizer
Free Signals: t.me/Pipsoptimizer
❌ NO!
✅ You CAN and SHOULD make money in trading!
Join me, and I'll help you become a profitable trader 💵🚀
Join Me On TG: t.me/Pipsoptimizer
Free Signals: t.me/Pipsoptimizer
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.