SOL/USD - Short. H&S, Fib Circles, Cypher Pattern...

There are a lot of interesting features on the SOL/USD chart. Assuming that Bitcoin and Ethereum continue to trend down, this head and shoulders pattern will likely be successful. Looks like a short term short opportunity, just prior to a longer term long.

Bearish:

• Rejected by the top of the downward trend line
  Visible head and shoulders pattern
  

Bullish:

• Cypher pattern valid after slight move down
  Bullish hidden divergence on the RSI
  Many other oscillators indicate oversold levels
  

Note levels of support per the fib circles.

Kommentera:

Oops. The divergence on the RSI is not "hidden."

Kommentera:

Short term bearish H&S completed just shy of the Cypher point of confirmation. Close enough to call the cypher valid?

Now a bullish H&S is visible, with a target at about $115. If this target is met within a reasonable time frame, a bearish bat pattern will also be present (drawn offset to the left for clarity).