Inverted cup & handle with a bearish pennant
Hello fellow trader
As one may see in the chart, two patterns were formed by the price.
The first light blue marked is an rather choppy inverted cup and handle formation. I have outlined the target calculation of the pattern in the center of it.
The time frame is a valid one, c&h structures need at least several weeks to be taken into consideration. Also that it occurs within a yearly low implies further validity.
The second much more obvious, is a bearish pennant. Its calculus is outlined on the right side.
Both targets intersect at around 10k.
If we look at the past there are little structures which might act as support within the projected range. This could imply that we don't achieve the target, either positively or negatively.
Volume & Stoch RSI tells us we could expect a decline within the coming days.
If the price breaks upwards, over the mark of the max(c&h) and closes there within the daily time frame, this thesis has been invalidated (It might form a bearish flag, so the drop wont be off the table, depending on the price action).
Trade safe.
Nik
As one may see in the chart, two patterns were formed by the price.
The first light blue marked is an rather choppy inverted cup and handle formation. I have outlined the target calculation of the pattern in the center of it.
The time frame is a valid one, c&h structures need at least several weeks to be taken into consideration. Also that it occurs within a yearly low implies further validity.
The second much more obvious, is a bearish pennant. Its calculus is outlined on the right side.
Both targets intersect at around 10k.
If we look at the past there are little structures which might act as support within the projected range. This could imply that we don't achieve the target, either positively or negatively.
Volume & Stoch RSI tells us we could expect a decline within the coming days.
If the price breaks upwards, over the mark of the max(c&h) and closes there within the daily time frame, this thesis has been invalidated (It might form a bearish flag, so the drop wont be off the table, depending on the price action).
Trade safe.
Nik
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