ALGOBTC | Key Level | Trend Reversal | Head and Shoulders

2020년 6월 30일

Todays Analysis – ALGOBTC – Forming a potential head and shoulders pattern, trading at a key level within a multi-month descending channel.

Points to consider:

- Range Median – key level
- Head and shoulders
- Low volume
- RSI below 50
- Stochastics oversold

ALGOBTC has found support at the range median of its descending channel. Price holding above the area will establish the right shoulder of a potential head and shoulders (H&S). Price breaking and consolidating above channel support will further validate this pattern.

A validated head and shoulders pattern will establish a higher low in the chart, indicative of trend reversal, forming a bullish bias in the market.

Volume is tapering off and remaining below average, an influx is needed price attempts to break channel resistance to avoid any false breaks as seen previously.

The RSI has broken below 50 indicating increasing weakness in the immediate market.
Stochastics are oversold and may remain oversold for some time as seen historically, before momentum shifts to the upside.

Overall, in my opinion, further price development will determine a directional bias. An S/R flip at channel resistance will allow for a long bias and a break below range median, price is likely to test channel support.

What are your thoughts?

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And as always,

Focus on you, and the money will too!

2020년 7월 8일

액티브 트레이드

SL moved to break even- just above range median.
Take profit at range resistance.