SOL/USD - Short. H&S, Fib Circles, Cypher Pattern...

2022年2月23日

There are a lot of interesting features on the SOL/USD chart. Assuming that Bitcoin and Ethereum continue to trend down, this head and shoulders pattern will likely be successful. Looks like a short term short opportunity, just prior to a longer term long.

Bearish:

• Rejected by the top of the downward trend line
  Visible head and shoulders pattern
  

Bullish:

• Cypher pattern valid after slight move down
  Bullish hidden divergence on the RSI
  Many other oscillators indicate oversold levels
  

Note levels of support per the fib circles.

2022年2月23日

註釋

Oops. The divergence on the RSI is not "hidden."

2022年3月1日

註釋

Short term bearish H&S completed just shy of the Cypher point of confirmation. Close enough to call the cypher valid?

Now a bullish H&S is visible, with a target at about $115. If this target is met within a reasonable time frame, a bearish bat pattern will also be present (drawn offset to the left for clarity).