Strong increase in volume this month strengthens the signal. There could be a bear trap shakeout (Bull Trap in the crypto market) before continuation to the upside. In Wyckoff terms, this area would be labeled the LPS event (Last Point of Support). I would expect resistance at the neck line. But If price breaks through with increasing volume, the upper trend line will be the next target, alongside the 1:1 ratio.
These trend lines tend to act as magnets to the candle and that is where the liquidity is pooled. Shooting stars through July '24 resistance would be a major signal to look out for, as this suggests that the trend up is exhausted. A similar non-inverted H&S pattern can also be seen on OTHERS.
So, this TA serves as another bearish clue for future price action. DXY is also looking bullish, which I will cover in a future post. When USDT.D and DXY go bullish, there is blood in the streets. Good Luck Traders!
-Not Financial Advice-
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