The current situation:
1. An inverse head and shoulders pattern is apparent on the 1HR chart, with the neckline at about 3.45 USD and the measured breakout target to be at about 3.75 USD. Currently the immediate resistance is the 12HR 21MA, above which the price action has not closed above since September selloff.
The bullish case: a solid 12HR candle close above the 21MA will make a convincing case that the downtrend may be broken and this is the start of a reversal.
The bearish case: a rejection at the 12HR 21MA and the price action falls back below the 1, 4 and 6HR moving averages it just gotten above.
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*Let me know in the comment section if you agree or disagree, would love to hear your ideas too.
*These are purely my speculations and not financial advice. You should always do your own due diligence before trading or investing.
1. An inverse head and shoulders pattern is apparent on the 1HR chart, with the neckline at about 3.45 USD and the measured breakout target to be at about 3.75 USD. Currently the immediate resistance is the 12HR 21MA, above which the price action has not closed above since September selloff.
The bullish case: a solid 12HR candle close above the 21MA will make a convincing case that the downtrend may be broken and this is the start of a reversal.
The bearish case: a rejection at the 12HR 21MA and the price action falls back below the 1, 4 and 6HR moving averages it just gotten above.
*Follow me for the latest cryptocurrency analyses on my watchlist
*Thank you to those who donated, I very much appreciate it.
*Let me know in the comment section if you agree or disagree, would love to hear your ideas too.
*These are purely my speculations and not financial advice. You should always do your own due diligence before trading or investing.