In trading, the term "head and shoulders" refers to a popular chart pattern used in technical analysis to predict potential trend reversals. The head and shoulders pattern typically forms after an uptrend and is considered a bearish reversal pattern. It consists of three peaks or highs, with the middle peak (the "head") being higher than the two surrounding peaks...
The price has bounced well from the daily support DS1 which was our target for the last short trade. We did not take any long though it was a good opportunity for going long. However, now price is coming close to 4h resistance 4HR1 area. I think this zone shall resist the price and push it down again towards the daily support zone. Since the price has strength...
The price bounce from hourly support HS1 and hit the hourly resistance HR1. The price is likely to move further down from here towards daily resistance DS1. This makes a short trade favorable here. The target of this short trade should be the daily support DS1 around 0.034-0.035. There is another large time frame idea of the price heading towards weekly support...
