Coinbase - head and shoulders pattern (NEW)

What we can see on the chart is a potential head and shoulders pattern forming.
Currently the price might be forming the right shoulder.

If this pattern were to form itself fully , we will be looking for a break down with a volume surge.
The target from this formation would be around $32.

If you enter short position, remember to put a stop loss which could be placed above the head of the pattern.

Now let's see what we're gonna get.

Good luck

Comment:

The price reclaimed support, however it is likely that the right shoulder is still in a development phase. If you're already in a short, stop loss can be placed above the head of the pattern. We will monitor the price action .

Trade active:

The right shoulder seems to be fully developed and the price broke down and closed below the support again. Expecting bearish movements soon. Nothing has changed here.

Conservative target is $34 if you exclude the upper shadow wick from the head of the pattern.
Aggresive target: $32

Trade active:

Good progress so far. Expecting continuation next week!

Trade closed: target reached:

Conservative target (34 $) reached. Congratulations