Classic Head And Shoulders Forming on ADA/EUR Chart
Classic "Head And Shoulders" Pattern forming - Possible bullish-to-bearish trend reversal?
1. After a recent strong bullish trend, the price of ADA hit a high (shoulder 1) and then declined to form a trough.
2. The price rallied again to form a second higher-high (head) at 0.589 before declining again.
3. The price rallied a third time (shoulder 2), but below the first peak, before declining
It looks like the bears could be winning this one. Bulls are trying to push the price upward again, but if they cannot surpass the initial peak ( Shoulder 1) then the bears might take over and confirm the complete H&S pattern.
Watch for any break of the neckline. Breaking downward could send the price back down to 0.4 EUR before reaching support
1. After a recent strong bullish trend, the price of ADA hit a high (shoulder 1) and then declined to form a trough.
2. The price rallied again to form a second higher-high (head) at 0.589 before declining again.
3. The price rallied a third time (shoulder 2), but below the first peak, before declining
It looks like the bears could be winning this one. Bulls are trying to push the price upward again, but if they cannot surpass the initial peak ( Shoulder 1) then the bears might take over and confirm the complete H&S pattern.
Watch for any break of the neckline. Breaking downward could send the price back down to 0.4 EUR before reaching support