Long
Reef - inverse head and shoulders?
Continuing on from previous idea about Fibonacci Channels....
Despite the promising upwards move in price, Reef seems to needs to check its 20MA is still there for it, like a security blanket. The price bounced back down off the 0.236 Fib line, and is possibly about to bounce back up off the 20MA (And 50MA as the price has been sideways long enough).
The potentially good news is that - If Reef does now bounce back up off the 20MA and make it back to the 0.236 line, it would complete an inverse head and shoulders pattern that's pretty visible on the 1 and 4 hour time frames. At the time of writing there is there a glimmer of evidence that this is in the process of this happening.
Should it happen...
The price target (based on distance from tip of head to neck line) lands quite nicely on the 0.5 Fib line. This would suggest that the previous idea about an Elliot Wave style pump could still happen.
Based on previous price action, a back test of the below fib line would then be nice to see, as it could indicate the set up of the Elliot Wave movement is happening, leading REEF towards ATH territory.
Despite the promising upwards move in price, Reef seems to needs to check its 20MA is still there for it, like a security blanket. The price bounced back down off the 0.236 Fib line, and is possibly about to bounce back up off the 20MA (And 50MA as the price has been sideways long enough).
The potentially good news is that - If Reef does now bounce back up off the 20MA and make it back to the 0.236 line, it would complete an inverse head and shoulders pattern that's pretty visible on the 1 and 4 hour time frames. At the time of writing there is there a glimmer of evidence that this is in the process of this happening.
Should it happen...
The price target (based on distance from tip of head to neck line) lands quite nicely on the 0.5 Fib line. This would suggest that the previous idea about an Elliot Wave style pump could still happen.
Based on previous price action, a back test of the below fib line would then be nice to see, as it could indicate the set up of the Elliot Wave movement is happening, leading REEF towards ATH territory.
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