A clear Head and Shoulders pattern has formed on the 4H timeframe, and confirmation is in place after a decisive break below the neckline around $39.00.
🔍 Technical Breakdown:
Left Shoulder: Formed around July 11–15
Head: July 19–23 peak
Right Shoulder: Developing through July 24–25
Neckline: ~$39.00 zone (now broken)
Current Price: ~$38.30
Target: ~$38.00 – $37.80 (based on pattern projection)
The break below the 50 EMA adds bearish confirmation. Caution is advised unless price reclaims the neckline level.
🔍 Technical Breakdown:
Left Shoulder: Formed around July 11–15
Head: July 19–23 peak
Right Shoulder: Developing through July 24–25
Neckline: ~$39.00 zone (now broken)
Current Price: ~$38.30
Target: ~$38.00 – $37.80 (based on pattern projection)
The break below the 50 EMA adds bearish confirmation. Caution is advised unless price reclaims the neckline level.
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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.