HT Technical Analysis: Investors Ready To Sabotage Bearish Wedge
Table of contents
Key technical points:
Past Performance of HT
The HT price trends lower in a long-term downtrend resulting in a bearish wedge pattern in the daily chart. The bearish pattern accounts for a downfall of 43% in the last month, dropping from $7.4 to $4. However, the price action shows a lateral trend between the $4 and $4.7 resistance level and teases a potential double bottom formation.
Source- Tradingview
HT Technical Analysis
The HT Price action challenges the resistance trendline of the falling wedge pattern as the buyers avoid further downtrend continuation. Hence traders can expect the bullish breakout rally to surpass $4.77 to test the overhead residence at $5.50.
The MACD indicator shows The fast and slow lines avoiding another bearish continuation with a bullish crossover and regaining the positive trend below the zero line. Moreover, the rising trend of the positive histograms supports the idea of a bullish breakout of the falling wedge pattern.
The RSI indicator shows a gradual growth in the underlying bullishness as the slope sustains above the oversold boundary and 14 days average line. Moreover, the bullish divergence in the double bottom pattern is pretty evident, which increases the likelihood of an uptrend continuation.
In a nutshell, HT technical analysis forecasts a positive trend continuation after a long-term correction phase.
Upcoming Trend
If the buyers successfully propel the HT market price above the resistance trendline, a jump to $5.50 seems inevitable.
Conversely, a bearish break out of the bearish wedge will drastically drop the market value below $4.2 to test the support level at $3.65
Resistance Levels: $4.77and $5.50
Support Levels: $4.20 and $3.65