Technical analysis by KinaStar about Symbol RACA: Buy recommendation (5/3/2024)

Hey guys! Today I'd like to share a RACA Coin idea. I've spotted an inverse head and shoulders pattern that has formed after a solid downtrend. Confirmation to the bullish upside would be a breakout and re-test of the descending triangle line marked in red and followed by entry trigger dropping into the lower timeframes such as Daily TF. Confluences: We need the breakout of the pattern to the upside to confirm bullish reversal. But having this pattern itself after a huge drop, it's pretty awesome! We've got Ichimoku Cloud breakout on the Weekly TF which signals bulls are taking over still make sure you have a plan to be certain with your confirmations. Targets are marked in the chart with text: 1) 0.0015 2) 0.0025 3) 0.0070 Stop loss below the cloud or 2 ATR or below swing low. Manage that according to your trading plan and take profits partially as you go hitting the targets. Let's see how it plays out! Kina 🚀Comment: Here we have a very interesting pattern. A curved trendline which is usually very rare to spot. I've marked here situations that could happenComment: Still looks pretty weak but it broke out poorly from the curved trendline. Need to wait and hold to see a proper breakout on this pattern to make it validComment: 2 things happened here. It broke out and touched 0.00034 resistance and it got rejected which coincides with the horizontal purple line I put in there and the ichimoku cloud resistance. Unfortunately, didn't make it to the red downwards line as I was hoping for but another thing happened instead. Price broke down the pattern and re-tested it to then continue downwards and I believe this is going down to the support zone marked in green. Either we get a nice position there or wait for price to touch the yellow area which is also a demand zone. Both entries would be totally great to enter!Comment: Broke down from the support lower band area so we can expect to enter at a better priceComment: Still is in the same situation. Broke the trendline but the volume is not good enough for a breakout. However, we've got a breakdown, re-test and then kept dropping but it still is consolidating. I believe a great buy opportunity might be opening for us soon! I'll keep this updated.Comment: Price actually started consolidating after the breakdown, but we can spot a sort of inverse head-and-shoulders pattern. We just need to wait for the breakout or breakdown to act accordingly. If it breaks upwards, then the target in the short term would be: 0.0003346. If it breaks downwards, then the target in the short term would be: 0.0001000.