Here is an update on XRP on the 2 hour chart.
As you can see, a second head shoulder pattern is visible in addition to the one in my previous analysis.
At the moment we can see that a triangle has formed. This one is usually bearish in a downtrend like here.
So I expect a further decline with the previous low as the first target.
As you can see, a second head shoulder pattern is visible in addition to the one in my previous analysis.
At the moment we can see that a triangle has formed. This one is usually bearish in a downtrend like here.
So I expect a further decline with the previous low as the first target.
Note
Target 1 is 0.8850 USD. Target 2 0.78 USD
Target 3 0.5 USD
Note
We always need to have all options open. In this case the H-S pattern neckline is not retested yet. So in theory it could go up to 1.32 if the triangle is broken to the upside with good volume. That would not change the validity of the H-S pattern because a re-test of the neckline is perfectly normal.Trade active
Traders, as you can see we are in a choice at the moment. XRP can make a move up from the triangle or we will continue the decline immediately.Place a good stop because it could all go down again very quickly.
Note
To go long for a short ride up I would first like to see a good volume spike and a positive divergence along with a positive candle setup.Note
Be carefull! The triangle changed form. See the right one in the second chart please.Note
We will see probably a test of the neckline before further decline! This is for me no long signal!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.