Unless we see an influx of some massive volume in the next 10-11 hours, I’m not seeing a break up to complete the inverse head and shoulders pattern. But, as others have pointed out, we do have a valid inclining triangle which is still in play.
As you see on this Kucoin 8 hour chart, I’ve drawn the triangle in purple. I’ve also put a new fibinachi table now that we have a new swing low and high. Seeing we are heading to the lull days of the market of Sunday and Monday, I would not be surprised to see a pull back, but the good news is it plays perfectly into the pattern. Over the next couple days there is a perfect window to go down and bounce up off the .5 to .618 fibinachi levels which is exactly where our incline support line is highlighted in purple. That area will prove to be a very powerful support section for a final push to the 200-210 sat range going into next week. If we fail to push through, then we will probably fall back to the 175 to 180 range to find support.
We still have a small window for the inverse head and shoulders to play through as we are still testing the 200 sat range, but the clock is ticking.
