Inverse Head and Shoulder with target of $12,000
Hey guys,
The ColorChartist has not quit the speculation game yet.
I am still annoyed to write and describe by analysis, so I'll keep it short.
In my opinion we are now trading in a Triangle Pattern with an eventual Head and Shoulder that could possibly form its Right Shoulder if we break down to the $7,350 area and bounce from there to the upward direction.
If we break out the Red Descending Trendline, we could probably get to the $9,026 price level coinciding to the 0.618 Golden Ration of the Fib Retracement drown. Breaking that 0.618 level to the upside would be a confirmation of the break of the Neckline of the Head and Shoulder which could give us a potential target of $12,075.
I really think we are heading to the $12,000 area, but if the Head and Shoulder is invalidated and we break the Yellow Ascending Trendline to the downside, who knows if $4,550 is not in the cards.
Time Will Tell!
#TheColorChartist #GbazCrypto #NotFinancialAdvice #BrandNewPaxoChart
The ColorChartist has not quit the speculation game yet.
I am still annoyed to write and describe by analysis, so I'll keep it short.
In my opinion we are now trading in a Triangle Pattern with an eventual Head and Shoulder that could possibly form its Right Shoulder if we break down to the $7,350 area and bounce from there to the upward direction.
If we break out the Red Descending Trendline, we could probably get to the $9,026 price level coinciding to the 0.618 Golden Ration of the Fib Retracement drown. Breaking that 0.618 level to the upside would be a confirmation of the break of the Neckline of the Head and Shoulder which could give us a potential target of $12,075.
I really think we are heading to the $12,000 area, but if the Head and Shoulder is invalidated and we break the Yellow Ascending Trendline to the downside, who knows if $4,550 is not in the cards.
Time Will Tell!
#TheColorChartist #GbazCrypto #NotFinancialAdvice #BrandNewPaxoChart
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