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Substratum Update!! Going down or going up!??
Hello Traders,
As you may know, I am a big fan of Substratum decentralized web, but they have not performed well after their twitter account was hacked.
Looking at the 4 hour chart, we see that Substratum is forming bullish pennant pattern. Currently, it is at 78.6% fibonacci level, and breakout from this pennant is a very bullish sign for substratum and the target is 11000 Satoshi (roughly 100% profit). RSI is at oversold region so I expect bull to defend this level.
However, we see this somewhat tilted head and shoulders pattern is forming within this pennant pole. Breaking this neckline will most likely send us to 3900 satoshi.
If you want to enter long position, please wait until the breakout from the down trendline. (this drop is most likely due to the fact that Tron is getting most of the attention right now). After the Tron's mainnet release, we should see a good uptrend.
As you may know, I am a big fan of Substratum decentralized web, but they have not performed well after their twitter account was hacked.
Looking at the 4 hour chart, we see that Substratum is forming bullish pennant pattern. Currently, it is at 78.6% fibonacci level, and breakout from this pennant is a very bullish sign for substratum and the target is 11000 Satoshi (roughly 100% profit). RSI is at oversold region so I expect bull to defend this level.
However, we see this somewhat tilted head and shoulders pattern is forming within this pennant pole. Breaking this neckline will most likely send us to 3900 satoshi.
If you want to enter long position, please wait until the breakout from the down trendline. (this drop is most likely due to the fact that Tron is getting most of the attention right now). After the Tron's mainnet release, we should see a good uptrend.
Note
Looks like my head and shoulders pattern is taking place. Still no sign of trend reversal signal...Transaction en cours
Subbtc pair is entering the inverse head and shoulders target.Transaction en cours
Triggered my buying order :)
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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.