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Propy resetting stochrsi just in time for golden crossYou can see here on the daily chart how propy hit the exact target of this 4hr chart inverse head and shoulders pattern of $1.93 and then instantly corrected and has now corrected enough to reset the daily stochrsi indicator just in time for its golden cross. Having price action be this close to the 50 and 200mas at the time of the cross is almost always a good sign that the cross will be sustained and validated as well. If so once price action climbs above the horizontal brown line and flips it to solidified support then the next target should be 2.76. That target then places us above the green trendline which will lead eventually to another breakout validation with an even bigger breakout target but we will focus more on that one once we get there. For now the focus is on breaking above the brown trendline and sustaining the golden cross. *not financial advice*
COINBASE:PROUSD
by DrDovetail
Propy already trying to trigger bigger invh&s pattern? Prop has technically already completed a right shoulder and currently has a decent sized green candle above the neckline. That shoulder is extremely small and disproportional to the rest of the inverse head and shoulder pattern, but I’ve seen even uglier looking versions of this pattern get validated so it is quite possible we could see it validate on the current breach above the neckline. What I’ve also seen many times is price action going back below the neckline 1-4 more time before the official breakout validation happens. Either way once the first breach happens it’s always wise to start keeping a close eye on an inv h&s patter. The breakout target for this one is pretty massive, around $42 or so, so I plan on trying to add some more propy to my holdings before the validation is confirmed. *not financial advice*
COINBASE:PROUSD
by DrDovetail
7
Propy’s Linear chart has a more realistic invh&s targetI posted my previous Propy chart on here before realizing I had the chart mode set to logarithmic. Log charts also do usually reach their targets as well but sometimes it can take multiple bull runs to hit the really high targets on a logarithmic chart. So I thought it would be wise to switch the chart to linear and show what the linear breakout target would be for the inverse head and shoulders target as it has a much higher probability of reaching this target within a month or few of it validating the inv h&s breakout. We can see the target for the pattern on the linear chart is considerably lower and only at $5.60 instead of the $42 price the log chart has the measured move target at. I can believe that propy could eventually hit $42 but theres no guarantee that happens this bull run, sometimes log chart targets take multiple bull runs to get reached. That being said, it is still very possible propy could reach such a price this bull run, so its wise to include that price target as a real possibility, but also even wiser to not consider it a certainty by any means(at least not for the current bullrun). For now I’m setting my pragmatic sights for the invh&s breakout target at around $5.60(depending on whenever the breakout is actually validated which could take many more dips back below the neckline first) *not financial advice*
COINBASE:PROUSD
by DrDovetail
3