Technical analysis by Patt0n about Symbol VIC: Buy recommendation (10/31/2023)

For my first technical analysis, I've chosen to delve into the Tomo/USDT. Head and Shoulders Pattern: The left shoulder, head, and right shoulder are distinctly marked, indicating a potential bullish reversal. Breakout Point: The neckline, which serves as the breakout point for this pattern, has not been breached yet. For confirmation, traders often look for a decisive break above the neckline with increased volume. Projected Target: Using the depth of the head (from the neckline to the lowest point of the head) as a measure, a potential target is projected upwards from the breakout point. The chart suggests a possible target of around $10. Support & Resistance: The price has experienced resistance around the $3.5 mark previously. It's key to see how the price moves around this area in upcoming trades. Volume: The volume bars suggest that buying interest has been relatively strong during the formation of the right shoulder. Higher volume during the breakout will further validate the bullish bias. RSI: Current Reading: The RSI currently sits around the 60 level, which is above the neutral point of 50, indicating a slightly bullish momentum. Overbought/Oversold: The RSI is not in an overbought or oversold, suggesting there's room for movement in either direction. MACD: The MACD line is above the signal line, providing a bullish signal. However, it's important to monitor for potential crossovers which may indicate a change in trend. Histogram bars are shrinking and approaching zero, which may suggest a decrease in bullish momentum or a potential consolidation period. MACD is above the zero line, further reinforcing the bullish bias. Conclusion: The chart presents a potential bullish reversal in the form of an inverse H&S pattern. Confirmation of this bullish bias will come from a decisive break above the neckline with increased volume. Additionally, both the RSI and MACD indicators support a bullish scenario. The chart looks like it's showing a bullish turn with that inverse H&S pattern. Confirmation of this bullish bias will come from a decisive break above the neckline with increased volume. Plus, the RSI and MACD indicators are hinting at the same bullish scenario. I'm not a financial advisor, and I cannot provide financial advice. The information I have provided is for informational purposes only and should not be taken as financial advice.