(iH&S) reversal pattern.
This has been forming since September of 2018,
almost 2.5 years in the making, and the longer it
takes for these patterns to form, the larger the
expected upside is for the breakout.
The target of this iH&S from confirmed neckline
breakout ( gold line) is
however a push above to the .382 Fibonacci
retracement line acting as resistance is in the cards
as well slightly above at
where the 3/1 line would be adding
resistance confluence to as well.
We are above the 1/1 line which
ensures HTF we are still .
(not pictured, would make the chart messy):
-Kumo Cloud is green
-Tenkan/Kijun cross is in the making, if
this week closes as reversal and the next few
weeks are green then the T/K cross will be confirmed
-Tenkan and Kijun are above the cloud which is
-Lagging span is in the price range which is not
, these coming weeks need to be green in
order for the lagging span to become
The MA 30 moved above the EMA100 in early
December which is still as well.
EMA100 is acting as another line of support well at the
If this weekly candle closes higher than
the blue accumulation zone or above the
MA30 and forms a dragonfly or a
have an increased amount of conviction that we
should be expecting more upside.
TAKE NOTE: There are a lot of “ifs” in this chart right now…
Waiting a couple weeks for confirmation of
movement in either direction would be wise
before making any big plays although with this
ETH news coming out (noted in my last
post on ETH/USD), one may be leaning their bias
a bit more toward one direction.