Massive Head & Shoulders Developing?? - DAILY Chart
***DAILY H&S (Head & Shoulders - Bearish Pattern)?? ***
Take this serious, gang...
Folks who know me, know how I'm always on an endless hunt for potential H&S's...
Follow my logic on this one for a minute...
I'm not just arbitrarily drawing humps willy nilly...
- The start of the last shoulder can be either around here (if we pivot) or at the following...
49k, just below the Daily 50 SMA
or 44k 'ish
or maybe even 43k (bottom of my light grey box)
- The bounce **after that pivot WILL meet resistance again** at 52k ranges, and then the 57.5k 's
These resistances happen to also be the bottom of the old Rising Wedge we just broke...
55k is also the resistance of the trend line from the last peak around 62k
- RSI+BB on the Daily looks abysmal...
***Summary***
The points from where I drew these projected lines are very real historical trend lines and horizontal price supports and resistances. I can't help but to have some conviction that price will respect most, if not all, of the pinnacle points.
This is not FUD, and I haven't watched ANY other TA on YouTube either. This is all just me milling around on the Daily Chart...
Feel free to shoot holes in this idea. But it jumped off the chart and slapped me in the face.
Be safe folks!!
CryptDude
Take this serious, gang...
Folks who know me, know how I'm always on an endless hunt for potential H&S's...
Follow my logic on this one for a minute...
I'm not just arbitrarily drawing humps willy nilly...
- The start of the last shoulder can be either around here (if we pivot) or at the following...
49k, just below the Daily 50 SMA
or 44k 'ish
or maybe even 43k (bottom of my light grey box)
- The bounce **after that pivot WILL meet resistance again** at 52k ranges, and then the 57.5k 's
These resistances happen to also be the bottom of the old Rising Wedge we just broke...
55k is also the resistance of the trend line from the last peak around 62k
- RSI+BB on the Daily looks abysmal...
***Summary***
The points from where I drew these projected lines are very real historical trend lines and horizontal price supports and resistances. I can't help but to have some conviction that price will respect most, if not all, of the pinnacle points.
This is not FUD, and I haven't watched ANY other TA on YouTube either. This is all just me milling around on the Daily Chart...
Feel free to shoot holes in this idea. But it jumped off the chart and slapped me in the face.
Be safe folks!!
CryptDude