The 45-minute chart has formed a distinct Head and Shoulders pattern, a robust indicator of a potential downtrend reversal. This bearish reversal pattern suggests that the asset may be poised for a significant decline.
Key takeaways:
Pattern: Head and Shoulders
Indication: Downtrend reversal
Next targets: 24 and 22
Assuming the pattern plays out, the next critical support levels to watch are 24 and 22. A breakdown below these levels could confirm the downtrend reversal, while a reversal of the pattern could negate this bearish
Key takeaways:
Pattern: Head and Shoulders
Indication: Downtrend reversal
Next targets: 24 and 22
Assuming the pattern plays out, the next critical support levels to watch are 24 and 22. A breakdown below these levels could confirm the downtrend reversal, while a reversal of the pattern could negate this bearish
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.