In this chart of 
COTIUSDT, observed a head and shoulders pattern and for the past 3-4 days, the price of COTI rose to more than 50%. As the thumbnail shows, the pattern had a breakout. Will it surge continuously, go sideways or maybe a reversal? I will provide updates on my full chart analysis in the threads below.
Happy trading to everyone and a Happy Chinese New Year :)
COTIUSDT, observed a head and shoulders pattern and for the past 3-4 days, the price of COTI rose to more than 50%. As the thumbnail shows, the pattern had a breakout. Will it surge continuously, go sideways or maybe a reversal? I will provide updates on my full chart analysis in the threads below. Happy trading to everyone and a Happy Chinese New Year :)
Note
For the detail of the pattern, COTI is currently forming an inverse head and shoulders pattern, citing a possible bullish trend from a daily timeframe perspective. In charting the coin, I labeled possible resistance lines thanks to Fibonacci retracements and some back testing and identified three pricelines to consider:
1) 0.08932: 1.236 fib retracement/ bull fractal
2) 0.09798 - 786 fib retracement from swing high to low
3) 0.1 - logical resistance
Note
In entering a position for COTI, I will wait for a few instances of either hitting the first mentioned price line or at the plotted diagonal resistance of $0.0832. Note
*0.0872Note
Another note when charting with the coins with momentum such as COTI is to spot some pattern. In that case, a double bottom (a bullish pattern) is materialized and upon breaking the neckline, I entered a scalping trade upon breakout and currently attempting to try another breakout on the plotted trendline. Note
COTI just skyrocketed past $0.1 priceline minutes ago. Cheers for the profits :)Note
1️⃣ OR 2️⃣?Note
Spotted a breakdown on the triangle on a scalping timeframe. Exit at the 618 fib level. Note
Identified the current support for COTI. I labeled the next support line if another price breakdown occurs.Note
I'm using Logarithmic chart for COTI :)Note
Another day trade for COTI. Currently on the 0.5 Fib support. If another breakdown happens, immediately take profit at the next Fib support level.
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Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.