SNX Synthetix: HUGE Head & Shoulders
Hello friends, today I am completing a technical analysis on the 1D linear scale chart for Synthetix ( SNXUSD ), an altcoin cryptocurrency.
#CryptoPickk notes the following:
1) Synthetix price has been falling since February 2021 when it met the all time high.
2) The price is around a crucial Fibonacci Retracement level of 0.786 at around $6.85-$7.00.
3) Along with the price dropping, it has formed a Head and Shoulders Pattern as shown in the chart. This is a bearish pattern. The biggest concern is the Head and Shoulders Pattern can be seen in multiple timeframes and the price has shown no level of reversal.
4) If the price breaks down and does not recover, there may be a sizable drop.
5) Though the charts show one thing, anything is possible as the Decentralized Finance space in cryptocurrencies is very strong.
6) Be cautious until there is a clear sign of where the price action will go.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
#CryptoPickk notes the following:
1) Synthetix price has been falling since February 2021 when it met the all time high.
2) The price is around a crucial Fibonacci Retracement level of 0.786 at around $6.85-$7.00.
3) Along with the price dropping, it has formed a Head and Shoulders Pattern as shown in the chart. This is a bearish pattern. The biggest concern is the Head and Shoulders Pattern can be seen in multiple timeframes and the price has shown no level of reversal.
4) If the price breaks down and does not recover, there may be a sizable drop.
5) Though the charts show one thing, anything is possible as the Decentralized Finance space in cryptocurrencies is very strong.
6) Be cautious until there is a clear sign of where the price action will go.
What are your opinions on this?
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
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