RACAUSDT ð Inverse Head Shoulders
Hey guys!
Today I'd like to share a RACA Coin idea. I've spotted an inverse head and shoulders pattern that has formed after a solid downtrend. Confirmation to the bullish upside would be a breakout and re-test of the descending triangle line marked in red and followed by entry trigger dropping into the lower timeframes such as Daily TF.
Confluences:
We need the breakout of the pattern to the upside to confirm bullish reversal. But having this pattern itself after a huge drop, it's pretty awesome!
We've got Ichimoku Cloud breakout on the Weekly TF which signals bulls are taking over still make sure you have a plan to be certain with your confirmations.
Targets are marked in the chart with text:
1) 0.0015
2) 0.0025
3) 0.0070
Stop loss below the cloud or 2 ATR or below swing low. Manage that according to your trading plan and take profits partially as you go hitting the targets.
Let's see how it plays out!
Kina ð
Today I'd like to share a RACA Coin idea. I've spotted an inverse head and shoulders pattern that has formed after a solid downtrend. Confirmation to the bullish upside would be a breakout and re-test of the descending triangle line marked in red and followed by entry trigger dropping into the lower timeframes such as Daily TF.
Confluences:
We need the breakout of the pattern to the upside to confirm bullish reversal. But having this pattern itself after a huge drop, it's pretty awesome!
We've got Ichimoku Cloud breakout on the Weekly TF which signals bulls are taking over still make sure you have a plan to be certain with your confirmations.
Targets are marked in the chart with text:
1) 0.0015
2) 0.0025
3) 0.0070
Stop loss below the cloud or 2 ATR or below swing low. Manage that according to your trading plan and take profits partially as you go hitting the targets.
Let's see how it plays out!
Kina ð
āļāļ§āļēāļĄāļāļīāļāđāļŦāđāļ:
Here we have a very interesting pattern. A curved trendline which is usually very rare to spot. I've marked here situations that could happen
āļāļ§āļēāļĄāļāļīāļāđāļŦāđāļ:
Still looks pretty weak but it broke out poorly from the curved trendline. Need to wait and hold to see a proper breakout on this pattern to make it valid
āļāļ§āļēāļĄāļāļīāļāđāļŦāđāļ:
2 things happened here. It broke out and touched 0.00034 resistance and it got rejected which coincides with the horizontal purple line I put in there and the ichimoku cloud resistance. Unfortunately, didn't make it to the red downwards line as I was hoping for but another thing happened instead. Price broke down the pattern and re-tested it to then continue downwards and I believe this is going down to the support zone marked in green. Either we get a nice position there or wait for price to touch the yellow area which is also a demand zone. Both entries would be totally great to enter!