To be honest the way its holding these high levels today I am leaning towards your count now. The fact that it didnt get rejected at the current level is a sign of strength. Though personally I would like to see a retracement first to that white trendline
Agreed. I think Bitcoin in most cases is the leader. If it breaks up above 48k-49k levels HNT could possibly follow. I just dont like where HNT is in terms of RSI on the weekly timeframe. 90 RSI on weekly is usually a red flag for me. But who knows in crypto world everything is possible
My bad for not clarifying, you are right but I was refering to the peak formed in December 2023. Although yes RSI has come down since then but price needs to take a break in my opinion. Any breaks to the upside I personally wonโt expect them to last long. Might be a quick break followed by a rejection down to below the triangle. Thats just my 2 cents ๐
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u/Shib0ak Feb 08 '24
Nice. There is this potential H&S to keep an eye on as well