Hello everyone!
If we zoom in to the chart we can see that the inverse head & shoulders pattern is on his way to close te last shoulder. To close the last part of it, the 200 EMA, 78,6% fib level and the downtrend will give a strong resistance because they're al coming together at almost the same point. On the other side we can see that there is a possibility that a smaller head & shoulders pattern may be formed and it will not break trough the resistance and it could go down again.
Looking at some indicators and taking into account my short position around 9600 I stay short for the moment.
This is no trading advice, just my opinion to share here and learn from the comments.
Good luck trading!
B.
If we zoom in to the chart we can see that the inverse head & shoulders pattern is on his way to close te last shoulder. To close the last part of it, the 200 EMA, 78,6% fib level and the downtrend will give a strong resistance because they're al coming together at almost the same point. On the other side we can see that there is a possibility that a smaller head & shoulders pattern may be formed and it will not break trough the resistance and it could go down again.
Looking at some indicators and taking into account my short position around 9600 I stay short for the moment.
This is no trading advice, just my opinion to share here and learn from the comments.
Good luck trading!
B.
