Inverse head and shoulders forming on the 4h time frame with a break and retest of neckline occurring.
4h also reveals the formation of a higher high
On the Daily, there is bearish convergence on the RSI, signalling a trend reversal to the upside.
Price on the Daily has also rejected the 61% fibonacci previously and has done so again. This is also reinforced by the lower bound of the wedge formation, creating strong support.
Price is expected to test the higher bound of this wedge formation at which our TP will be set
Entry:$214
TP: $320
SL:$178
4h also reveals the formation of a higher high
On the Daily, there is bearish convergence on the RSI, signalling a trend reversal to the upside.
Price on the Daily has also rejected the 61% fibonacci previously and has done so again. This is also reinforced by the lower bound of the wedge formation, creating strong support.
Price is expected to test the higher bound of this wedge formation at which our TP will be set
Entry:$214
TP: $320
SL:$178