|| HBARUSD || BREAKOUT PATTERN INCOMING!Current market sentiment has been fairly bullish resulting in a great week for the top 10 crypto assets, however, we are still to see a snowball effect onto assets outside of the T10.
Today I shall be discussing my perspective on the current Hbar market structure and why I feel it will be caught by the snowball to come.
At the time of writing this report, Hedera is sitting at 0.0737, which is also a strong level of resistance depicted by the fib retracement I have placed (38.2%)
Patterns: Let me start off with the defending bullish pennant we are currently in. This pattern although a good confluence alone, has been suppressed by the fib retracement 50% ($0.0720) which has in turn created a double bottom suppression breakout formation.
Both the pennant and double bottom patterns have targets set at 0.080, however, there is a level of resistance as my conservative target at 0.0785-93.
I expect price to break to the baseline of my DB formation at 0.0756 before completing the pennant formation by converting the pattern resistance into support before continuing. this action will add confluence to my projections.
Slightly bearish yet healthy alternative would be if price was to fall below 0.0720 (50% fib) to the golden ratio set at 0.0703-698. This movement would of course void the existing double bottom, however, would add additional confluence in the bullish pennant narrative.
Price range to watch over in the following days are between 0.0756 (resistance + baseline of DB) and 0.0720. A break from either levels will result in a fairly impulsive move to our conservative target (0.0785-93) or to our golden ratio (0.0703-698)
Thank you for your interest in my report. I truly hope you were able to receive some informative insights on the current Hbar market that is able to aid your pre-existing perspective on the Hbar price structure.
THIS IS NOT FINANCIAL ADVICE!
