Potential "Inverted Head and Shoulder" pattern
Hi guys
Today we are analysis
MATICUSDT
on a daily chart.
History :
- In may the 18th MATIC recorded its ATH at 2,68 USD
- Since may the 19th, MATIC started its downtrend correction of -78% to bottom at 0,62 USD in July the 20th
Thanks to the recent Bitcoin soaring MATIC break its downtrend correction line to regain the 1 / 1,14 USD area, with a first support at 0,93 usd and first resistance at 1,17 usd.
Potential « Inverted H&S » pattern :
Based on the daily chart we can see a potential inverted H&S pattern ===>
Left Shoulder : 0,93 usd
Head : 0,62 usd
Right Shoulder : 0,88 usd
To validated our right shoulder and then the inverted H&S pattern, we can expect the price to hit our first support zone situated at 0,93 usd, following by a bounce, forming a pullback
of the price to validated our right shoulder.
By reported the head to the neckline we can situated our first target at 1,58 usd and second target at 1,72 usd, which represented an approximatively 60% increase from today’s price (1,01)
ICHIMOKU
By using Ichimoku system on the daily chart, we can easily see that our very first resistance is situated at 1,17 usd where the Kumo (SSA -cloud) is. If Bitcoin decided to make an higher high in the next days, weeks, we can expect prices to enter into the Kumo (cloud) and break the neckline of our « inverted H&S » pattern to gain the top of the cloud (SSB) where our second resistance and our target price is (1,58 / 1,72)
TIME WILL TELL US
This is my very first post on TradingView, please feel free to comment and leave a like if you appreciate this post !
Thank you guys
Today we are analysis
MATICUSDT
on a daily chart. History :
- In may the 18th MATIC recorded its ATH at 2,68 USD
- Since may the 19th, MATIC started its downtrend correction of -78% to bottom at 0,62 USD in July the 20th
Thanks to the recent Bitcoin soaring MATIC break its downtrend correction line to regain the 1 / 1,14 USD area, with a first support at 0,93 usd and first resistance at 1,17 usd.
Potential « Inverted H&S » pattern :
Based on the daily chart we can see a potential inverted H&S pattern ===>
Left Shoulder : 0,93 usd
Head : 0,62 usd
Right Shoulder : 0,88 usd
To validated our right shoulder and then the inverted H&S pattern, we can expect the price to hit our first support zone situated at 0,93 usd, following by a bounce, forming a pullback
of the price to validated our right shoulder.
By reported the head to the neckline we can situated our first target at 1,58 usd and second target at 1,72 usd, which represented an approximatively 60% increase from today’s price (1,01)
ICHIMOKU
By using Ichimoku system on the daily chart, we can easily see that our very first resistance is situated at 1,17 usd where the Kumo (SSA -cloud) is. If Bitcoin decided to make an higher high in the next days, weeks, we can expect prices to enter into the Kumo (cloud) and break the neckline of our « inverted H&S » pattern to gain the top of the cloud (SSB) where our second resistance and our target price is (1,58 / 1,72)
TIME WILL TELL US
This is my very first post on TradingView, please feel free to comment and leave a like if you appreciate this post !
Thank you guys
Trade closed: target reached