Yes, Tether chart for Binance.
Head and Shoulders (Yellow): The volume profile is not quite textbook as the volume should be largest in the left shoulder and descend until breakout but the steady volume and then rise in breakout volume at the breakout is not far off. Also, usually the H&S is at the peak of the uptrend and we see this was almost a second H&S pattern within BTC at the top of this peak but it still seems valid. It is hard to ignore how symmetrical this H&S pattern is along with a strong breakout and a retest of the neckline (which is a strong indicator). It looks pretty textbook pattern wise. Target of this pattern is the blue box. Target is from the highest point of the head to the neckline of the shoulders drawn down from the breakout of the neckline.
Bearish Flag (Light Blue Rays): Zoom in and you can see how this is forming to be a textbook bear flag. This pattern started at the top of the right shoulder and has a perfect volume profile. Volume highest on the pole and descending volume into the flag formation. The rising flag/bearish flag is a continuation of the short-term downtrend. A breakout of the flag below the light blue ray would likely signal a drop in price. Normal price target is the same distance of the flag pole measured at the breakout spot. Target of that is the green box.
White Horizontal Lines: I have drawn support/resistance that have been strong. They are 9100, 7500 and around 6200. These would be great entry points on BTC if you could get them. The two chart patterns indicate that the 7500 would like be the most plausible area. I would venture to guess 6k would be a stretch and likely price won't get there. Many have discussed 8k so that would be a place where a tremendous amount of buy orders are set, 8k would be close to the 7500 tether price.
We will see what BTC does the next couple of days but the volume and price patterns are not shaping up for BTC to get back to 13-15k levels anytime soon.
Head and Shoulders (Yellow): The volume profile is not quite textbook as the volume should be largest in the left shoulder and descend until breakout but the steady volume and then rise in breakout volume at the breakout is not far off. Also, usually the H&S is at the peak of the uptrend and we see this was almost a second H&S pattern within BTC at the top of this peak but it still seems valid. It is hard to ignore how symmetrical this H&S pattern is along with a strong breakout and a retest of the neckline (which is a strong indicator). It looks pretty textbook pattern wise. Target of this pattern is the blue box. Target is from the highest point of the head to the neckline of the shoulders drawn down from the breakout of the neckline.
Bearish Flag (Light Blue Rays): Zoom in and you can see how this is forming to be a textbook bear flag. This pattern started at the top of the right shoulder and has a perfect volume profile. Volume highest on the pole and descending volume into the flag formation. The rising flag/bearish flag is a continuation of the short-term downtrend. A breakout of the flag below the light blue ray would likely signal a drop in price. Normal price target is the same distance of the flag pole measured at the breakout spot. Target of that is the green box.
White Horizontal Lines: I have drawn support/resistance that have been strong. They are 9100, 7500 and around 6200. These would be great entry points on BTC if you could get them. The two chart patterns indicate that the 7500 would like be the most plausible area. I would venture to guess 6k would be a stretch and likely price won't get there. Many have discussed 8k so that would be a place where a tremendous amount of buy orders are set, 8k would be close to the 7500 tether price.
We will see what BTC does the next couple of days but the volume and price patterns are not shaping up for BTC to get back to 13-15k levels anytime soon.