HBAR Seeking Golden Ratio After False Break of Consolidation?
There's some big tells in what HBARUSD could potentially be getting ready to do so lets break it down on the Daily Chart!
Since the High on Dec. 3rd @ .392, Price has steadily been forming what looks to be a Descending Triangle while finding Support in the ( .25 - .23 ) cent range. Bearish volume building and RSI going from Overbought to currently going Below 50 suggests further Bearish Price Action could occur!
After the Positive USD Economic News Results for ISM Services and JOLTS Jobs Openings coming in well above Forecast, this seen the Dollar gain strength and other markets like Stocks and Crypto take a dive, in HBARUSD instance, it generated a False Break of the Descending Triangle to now where we see Price plummeting down to test the Support of this Consolidation Pattern.
If Support breaks, we could see Price make a Retracement to the April 2024 Highs @ ( .18 - .15 ) This area looks especially favorable because: -From the Low before the Rally @ .04172 to the High of the Rally @ .392, lands the Fibonacci Golden Ratio levels priced @ ( .19619 - .17553 ) with the April 2024 High @ .1842 right in the Middle of this Zone! -The 200 EMA is curving up into the suspected Support of the April 2024 Highs if Price were to fall, it would test this as well!
*If Price continues to fill the Pattern more, keep an eye out for more False Breaks, this will be evident with Price breaking either Area of Value ( Falling Resistance or Support Zone) followed with minimal Volume.
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