The bearish case:
1. Market Structure: Currently there is a head and shoulders clearly forming on the 12HR chart with the price action trying to get break through the 21 daily moving average.
2. Volume: The weekly candle this week is not a convincing indicator to expect higher price action - The bounce looks weak with low volume.
3. RSI: Weekly RSI is in overbought territory, but it could go both ways as it is sitting at about 72
Prediction: if the head and shoulders pattern play out, the measured price target is about 280.
The bullish case:
1. It needs to close above 420 to convince that the head and shoulders pattern is negated before looking for another leg up.
***
Please let me know your ideas, agree or disagree. Follow me as I will be posting updated charts on Crypto.
1. Market Structure: Currently there is a head and shoulders clearly forming on the 12HR chart with the price action trying to get break through the 21 daily moving average.
2. Volume: The weekly candle this week is not a convincing indicator to expect higher price action - The bounce looks weak with low volume.
3. RSI: Weekly RSI is in overbought territory, but it could go both ways as it is sitting at about 72
Prediction: if the head and shoulders pattern play out, the measured price target is about 280.
The bullish case:
1. It needs to close above 420 to convince that the head and shoulders pattern is negated before looking for another leg up.
***
Please let me know your ideas, agree or disagree. Follow me as I will be posting updated charts on Crypto.
Nota
*These are purely my speculations and are not financial advice.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.