*log scale Internet Computer is approaching the major downtrendline which dominated for almost a year. Price forming Inverted Head and Shoulders๐คท so it looks like price may be bottoming but still too early to say! IF price breaks the Neckline @ 9.8 and the major downtrendline then I think there is chance for run to 14.9 and even higher. Check how the iH&S target coincides with important market structure (yellow).
ENTRY: Neckline break @ 9.8
STOPLOSS (SL): Left Shoulder @ 6.75
TARGET (TP): Inverted H&S target projection @ 14.9 (view reg scale to do the projection Head-Neckline = Neckline-Target)
REWARD RISK RATIO (RRR): 1.5
INVALIDATION: when SL level hit (Left Shoulder @ 6.75)
โ ๏ธDisclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
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Inverted H&S pattern invalidated, but the red downtrendline still remains the key resistance and I wouldn't go long as long as it holds. Actually bulls need to defend yellow support @ 6.00 otherwise bears can push the price lower...
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So breaking the support @ 6.00 started further decline. Major downtrendline still remaining intact and recently it pushed the price lower. Looks like bears are in charge. Will we see test of the red line connecting lows?