Hello Guys,
this analysis is very daring, however, we need to think about this pattern.
We can see a Head and Shoulders Continuation Pattern. What means that?
We are in a downtrend and a normal H&S confirmes the downtrend. A bearish continuation.
I drew the neckline between the low from the 12th of July and the 14th of August.
The left shoulder has it´s high at around 6868.
The head´s high is at around 8487.
To finish the H&S successfully the high could be at around 7000 (6800-7000) and the low should close at the neckline, a bit below 5800.
Then it could probably break out further down to test lower levels and to continue the bearish trend.
12th 2017 November low 5464
25th 2017 October low 5366
18th 2017 October low 5100
15th 2017 October low 5405
02th 2017 September high 5013
If u agree or u just like the analysis, please leave a like and check me out on Twitter @ CryptoAirwaves.
Thanks!
this analysis is very daring, however, we need to think about this pattern.
We can see a Head and Shoulders Continuation Pattern. What means that?
We are in a downtrend and a normal H&S confirmes the downtrend. A bearish continuation.
I drew the neckline between the low from the 12th of July and the 14th of August.
The left shoulder has it´s high at around 6868.
The head´s high is at around 8487.
To finish the H&S successfully the high could be at around 7000 (6800-7000) and the low should close at the neckline, a bit below 5800.
Then it could probably break out further down to test lower levels and to continue the bearish trend.
12th 2017 November low 5464
25th 2017 October low 5366
18th 2017 October low 5100
15th 2017 October low 5405
02th 2017 September high 5013
If u agree or u just like the analysis, please leave a like and check me out on Twitter @ CryptoAirwaves.
Thanks!