THE INVERTED HEAD&SHOULDERS
Head-and-shoulders bottoms are reliable chart patterns that sport a low failure rate and good average rise.
Price trend Downward leading to the patternThe Shape looks like A 3-valley pattern with the middle valley below the others. The pattern should look like an inverted person's head and shoulders, proportional, and not lopsided.
The two shoulders should bottom near the same price, be nearly the same distance from the head, and look similar (both wide or both narrow).
Volume Highest on the left shoulder or head, diminished on the right shoulder. Trends downward 66% of the time.
The pattern confirms as a valid one when price closes above a down-sloping neckline or above the right armpit when the neckline slopes upward.
The oscilator(STOCHASTIC RSI) is fully over sold,price waiting to move to the upside(overbought).
The right shoulder yet to be completed, still waiting for the completion.a strong support zone at 0.382fibonacci retracemnet level, the left shoulder and the right shoulder retracing back down to touch the 0.382fibonacci ratio.
This make the pattern more and more likely to complete the right shoulder and breakout only when it closes above the neck line.
Technicals suggests that, price needs to complete its right shoulder before a confirmation of this pattern is valid.
BUY: 0.00011965sast( or u can buy at the current price and hold for quick 5%, buy trade with caution)
STOP LOSS: 0.00010986sats
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.