Inverse H&S

11월 10일

Inverse Head & Shoulder printed on the daily chart.
Breakout of the neckline on increasing volume.

Trading halted on Nasdaq on friday 8th of november pending a T12 halt (Nasdaq requesting additional information from Cleanspark)

According to sources Cleanspark has on the 31st of october 2024 filed (and got approved) an application (8-A 12(b)) to register securities, namely warrants excercisable for shares of common stock at an price of $165.24 per share with expiration date in the year 2028. this implication happened due to the merger of Cleanspark and GRIID infrastructure.

1 warrant = 960,395 shares
165.24 x 0.069593885 = $11.50 (share value when deal was completed)

How this impacts the market I can only guess, but looking at the overall increasing volume and the inverse Head & Shoulders pattern I am drawing the conclusion that we are looking at accumulation and on the verge of breaking higher

Bullcase: Neckline acts as support as price makes higher highs
Next level of resistance at $16 (fibonacci 50% level)
Target: $20

Bearcase:
Neckline breaks to the downside and acts as resistance. Price breaks lower, this was a distribution area.
Asset can be consciderd as weak due to being in the area under the fibonacci 50% level and as price makes lower highs it could trigger a sell of
Target: $5

bearcase less likely due to the macro environment BTC making higher highs as global liquidity is on the rise