Disclaimer: Only constructive criticism as this is my very first idea and chart analysis that I post publicly. Thank you
I believe there is a possible long position coming do to the inverse head and shoulders that has formed on the hourly time frame. January 20th there was a dip from .3263 down to .31020 dropping 5% in two hours. First shoulders peak was .31020, heads peak was .3044 and last shoulders peak was .31228. There has been a gradual climb to the neckline of the head and shoulder formations. I believe that when we break past the neckline (.31927 approximately) we can potentially make an entry above the neckline and go long up to the distance of the head from the neckline, so a decent target point can be around .33394 which also correlates with line of resistance @.33345. I would also place my stop loss below the neckline and then some (don't want to get stopped out with that stop-
hunt)
I believe there is a possible long position coming do to the inverse head and shoulders that has formed on the hourly time frame. January 20th there was a dip from .3263 down to .31020 dropping 5% in two hours. First shoulders peak was .31020, heads peak was .3044 and last shoulders peak was .31228. There has been a gradual climb to the neckline of the head and shoulder formations. I believe that when we break past the neckline (.31927 approximately) we can potentially make an entry above the neckline and go long up to the distance of the head from the neckline, so a decent target point can be around .33394 which also correlates with line of resistance @.33345. I would also place my stop loss below the neckline and then some (don't want to get stopped out with that stop-