💥 HBAR price nears breakout as inverse head and shoulders pattern forms
HBAR price is consolidating below key resistance as an inverse head and shoulders pattern develops, signaling a potential bullish breakout if the neckline resistance is cleared with volume.
HBAR ($HBAR ) price action is showing increasingly constructive behavior as the market builds a classic bullish reversal structure on the higher timeframes. After an extended corrective phase, price has stabilized and begun forming an inverse head and shoulders pattern, a formation often associated with trend reversals when confirmed
Time frame 1d already looks like it's heading towards the bottom, we use it for intraday trading with a 1h timeframe.
Dogecoin has entered the Woy zone, now it's time for a short-term reversal on the 1h chart.
On the 1d chart, there are still bears, but scalping seems exciting.
I see the downward pressure is still quite strong, but the demand zone at 0.10142 - 0.10226 has the potential for a short bounce if there is a clear reversal reaction.
- Best scenario for a long opportunity: wait for the price to drop to the 0.10142 - 0.10226 area, then look for a reversal pattern on M5/M15 such as a bullish pin bar or double bottom. Enter a buy if confirmed, with the first target at 0.10552, and the next target at 0.10947. Stop loss should be placed below the last swing low.
- If the price rises without a reversal below and instead breaks through 0.10552 and forms a bearish rejection at 0.10644 - 0.10899, consider a short with confirmation, targeting 0.10226.
- The bias will turn bullish if the price can break out strongly and close above 0.11053 with high volume.