HIGHUSDT recently bounced on the 0.786 Fibonacci level, indicating a potential reversal in the market. Additionally, on the 4-hour timeframe, an inverse head and shoulders pattern is being formed, which is a bullish signal.
An inverse head and shoulders pattern is a technical analysis pattern that typically forms after a downtrend and signals a potential trend reversal to the upside. It consists of three troughs, with the middle trough being the lowest, and the two outer troughs being higher. The middle trough is called the "head," and the outer troughs are called the "shoulders." The pattern is considered complete when the price breaks above the neckline, which is a level of resistance connecting the two outer troughs.
In this case, the market is creating an inverse head and shoulders pattern on the 4-hour timeframe, with the neckline at the 2.76$ area. If the price breaks above this level, it could signal a bullish trend continuation, and traders could look for new long positions.
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Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <= 1h structure.
Follow the Shrimp 🦐
Commento
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a false breakout from the neckline so far
Commento
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Big potential but I want to see a clear breakout here