Hey trade, I hope you're having a profitable week ;)
As you can see the price has been in a downtrend from June 2021. It formed an H&S pattern that was followed by a 3-level drop. The last level will be confirmed by either this months or the following months bullish reversal candle pattern close around where the price is at. That reversal candle will start a bullish reversal pattern. It could be a double bottom, half a bat pattern, or a head and shoulder pattern. Usually when one of those patterns form at a support level, a bullish uptrend occurs. Therefore, we can expect the price to rally to the 5th Monthly Key Lvl and 8 MA. But that might not happen; the price might drop further down if it forms a bearish reversal pattern after the bullish reversal pattern. That bearish pattern must bounce off the 8 MA though. To confirm the the short-term MA's trend-continuation. So for now we could sit back wait to take a position trade or take day and short-term swing trades on the lower timeframes.
That's it for today. I hope you found value in this article. If you have a different concept in mind, feel free to share it in the comments section below, I'd love to know your thoughts!
Stay Blessed Baby,
Sphatrades.
As you can see the price has been in a downtrend from June 2021. It formed an H&S pattern that was followed by a 3-level drop. The last level will be confirmed by either this months or the following months bullish reversal candle pattern close around where the price is at. That reversal candle will start a bullish reversal pattern. It could be a double bottom, half a bat pattern, or a head and shoulder pattern. Usually when one of those patterns form at a support level, a bullish uptrend occurs. Therefore, we can expect the price to rally to the 5th Monthly Key Lvl and 8 MA. But that might not happen; the price might drop further down if it forms a bearish reversal pattern after the bullish reversal pattern. That bearish pattern must bounce off the 8 MA though. To confirm the the short-term MA's trend-continuation. So for now we could sit back wait to take a position trade or take day and short-term swing trades on the lower timeframes.
That's it for today. I hope you found value in this article. If you have a different concept in mind, feel free to share it in the comments section below, I'd love to know your thoughts!
Stay Blessed Baby,
Sphatrades.
