9-hr HBAR: Short-Term Base Formation and Fib Potential
Overview (9hr Timeframe):
- HBAR forming a short-term base.
- Breakout and retest of the descending trend line.
- Fisher crossing the zero line.
- RSI holding and gaining strength.
9hr Timeframe:
- HBAR Short-term Base: HBAR is currently consolidating, indicating a potential upward movement.
- Breakout Confirmation: We've seen a breakout and successful retest of the descending trend line from Aug 15, marked at 0.075.
- Fisher Indicator: The Fisher indicator crossing the zero line is a positive sign.
- RSI Strength: The RSI has held its ground, undergoing a retest and showing signs of gaining strength.
Fibonacci Analysis:
- Possible Bounce Levels: We could see a Fibonacci bounce up to the 0.236 level, followed by a potential rejection, and a further upward move to around 0.382, which would be approximately at 0.058~0.059.
- Challenge at 0.236 Fib: It's important to note that the 0.236 Fibonacci level presents a significant challenge, coinciding with the bear market support band.
- Ichimoku Cloud: This positive scenario aligns with an edge-to-edge Ichimoku cloud move.
Key Consideration:
- Volume Indicator: Keep a close eye on the volume. A sudden spike in volume could be a critical factor determining the outcome.
Please compare this chart with our next post on the 2-day chart.
PIK - Patience Is Key Analyst Team - EXMO Study