$HYPE LONG set-up looks great on the 12-HOUR chart, but the 4-HOUR has been flashing a huge RED FLAG in a form of BEARISH GARTLEY harmonic pattern.
Rejection at $40.8 has completed the formation of this high-percentage (70%) pattern, and I never go against these, most of the times they signal a trap.
So, basically the GARTLEY's right 'shoulder top' is called PRZ (Potential REVERSAL Zone) and we should monitor for continuation down or an invalidation attempt, candle closes above the PRZ ($40.8). $40 is also a major horizontal support/resistance pivot level.
Additionally, we are dealing with a confluence of two falling resistances (green 200 MA at $42.85 plus a FALLING trendline from the ATH). Both of these resistances must be reclaimed to FULLY invalidate the GARTLEY and trigger my LONG.
That's the set-up, the 12-HOUR already BULLISH just waiting for #HYPE to show BULLISHNESS on the 4-HOUR, volumes and strong candles a MUST here.
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