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Head-shoulders

XRP breaks well above inv h&s neckline forms higher highYou can see here on the 1 day chart that price has broken well above the neckline but is seeing resistance right at this blue horizontal line...what you cant see here is that the candle has already thrown a tiny wick above that line thus forming a higher high over the green candle where the horizontal line starts...in doing so XRP has broken the inside bar consolidation of that candlestick and now has a very high probability of going higher than that line and thus triggering and confirming the breakout from the head and shoulders pattern...We have also reached the small symmetrical triangle hidden in the right shoulders breakout target like I said we would do in the last video. So probability highly favors we trigger this head and shoulder pattern if so the target will be close to the black box near the top of the chart. Thanks for reading *not financial advice**
Long
by DrDovetail
A look at the XRPUSD pair almost at golden cross!Normally my xrp charts are looking at the XRPBTC pair...but with more and more exchanges now enabling the XRPUSD fiat pair I think it's important to factor that in as well. We are currently right around 49 cents but will likely be heading upward soon...you can see the price action has been consolidating in a falling wedge which most of the times break upwards...you can also see here that if we were to break up from the falling wedge at this point where we are now testing its top trendline...the breakout target price would conveniently be right at the neckline of the inverted head and shoulders pattern now forming on the chart as well..We seemed destined to trigger the inv head and shoulder pattern on the xrpbtc pair so I think the xrpusd pair will inevitably trigger its inverted head and shoulder in the near future as well. So I think probability favors XRP breaking bullishly upward from this falling wedge fairly soon as well as a golden cross happening as soon as the next day candle to 3 days from now. Overall very bullish looking indeed.
BITFINEX:XRPUSDLong
by DrDovetail
XRP Bullish during btc bear dip, #2 in market cap!XRP is looking very bullish now as it appears to have potentially flipped this yellow line it was struggling to get above from resistance to support after finally breaking above it and up and above the inside bar consolidation it was trapped in. This is a very bullish sign as it will now likely close abov this symmetrical triangle and trigger a nice bull break which will then put it above the top red line I have here on ym chart which is the neckline of the big inverted head and shoulder pattern it's currently forming. A bullish breakout of that inverted head and shoulder pattern will bring yet even more bullishness to xrp and if all of this continues to occur while the rest of the market heads downward then XRP could essentially cement itself permanently above ethereum as the number 2 crypto...One downside to xrps bull run happening now during a big bear dip in btc is that it could go parabolic here and reach its former peak against btc but not hit the $3.50 range if btc is this low...if it does go parabolic int hose conditions that would not be good because parabolic bull runs tend to usually retrace about 80%. Instead what would be preferred is for XRP to trigger this inverted head and shoulder pattern reach that target and then plateau and consolidate for awhile until the rest of the market flips bullish and has a chance to start catching back up a bit. That will ensure we still have room to continue up from there if it takes the time to consolidate and correct itself. Seeing as how both XRP and Stellar have recently had 1 day golden crosses I anticipate those 2 coins continuing to have bullish action while the majority of the rest of the market crashes. Of course this is just my opinion and not financial advice however so trust your own instincts. Thanks for reading.
Long
by DrDovetail
1
Huge bullish volume on XEM 1 day chart; Testing inv h&s necklineHard not to jump in on this with that giant volume bar on XEM I say wait until we have a confirmed break above the h&s neckline though that flips the neckkline from resistance to support and solidifies it with either 2 1 day candle closes above it or another huge influx of bull volume once it crosses above the neckline...it's already done a fake out once it could attempt a second and even third fakeout. Be vigilant.
XLong
by DrDovetail
1
XRP might trigger a 4hr h&s pattern; watch for volume to confirmit currently has broken the neckline of a 4hr head and shoulder pattern on the 4 hour chart so it may follow this candle up if it closes below the neckline with a confirmation candle + bear volume that could take us potentially as low as this projected target. Best to wait for this current 4hr candle to close and also to see what the followup candle does before making the decision to short. Also watch for a surge in bear volume too. It is very probable that this pattern will be triggered for a few reasons. 1. Buy the rumor sell the news of xrapid going live. Selling the news is a standard trick for a majority of traders and it would be no big shock to see them once again use that method here. 2. the daily RSI has been in bad need of a cool off ever since the initial bull surge 3. we are currently below the neckline and it is the first red candle that has broken the bottom trendline support of the ascending bull pennant. So probability does favor a breakdown here. However I think the breakdown will be very temporary and that we will hopefully see good bounce support on the 1 day chart from the 200 ma (represented here as the horizontal dotted tan line) and we should see a good enough bounce to get the price action back inside the ascending triangle pattern to avoid triggering a bart breakdown from the bear flag. We may even throw a wick down below the 1 day 200 ma to hit the drop down target of the 4 hr head and shoulders pattern but ultimately find good support on the 1 day 200ma and bounce back up and into the ascending triangle pattern before triggering the bull flags breakdown resulting in a bear trap fakeout. Just my opinion of course I could be wrong so financial advice this should not be taken as. Thanks for reading!
Short
by DrDovetail
4
Inverted h&s break out target of 7230 hit. Higher high achieved!Usually right after we hit a higher high we see a lower high and while I think considering we are still finding resistance at the much larger/longer inverted head and shoulder neckline we will likely dip down for another higher low here. before we finally break the neckline of the larger inv h&s. I think odds are good if we see that higher low form that we will most certainly trigger the 1 week charts descending triangle pattern...if so we will be bullish in a very big way as long as we can stay above the 1 day charts 50ma like we have been continuing to do we should trigger that breakout. Very hopeful for what Q4 might brig in btc.
BITFINEX:BTCUSDLong
by DrDovetail
Ugliest inverted h&s I've ever seen but technically still valid.After one of the most massive bullish 4hr volume candles we've seen in a long while, We shot all the way back up to the neckline of the inverted head and shoulder pattern that never quite got invalidated but is now looking rather ugly. Had I been watching the charts when this bullish volume spike occured and saw the rejection I would have exited at the neckline as a very safe spot to then buy back in a few pips above it if it breaks out or accumulate a little more whenever it finds a resting place after getting rejected but I was unfortunately preoccupied with other things and wasn't watching the charts. Either way because of just how massive that volume candle is I have a feeling up will be the path we ultimately head. If this turns out not to be the case and we break down from here I will be prepared and may ladder out small portions but I am optimistic we will hopefully be heading up or sideways at least. The RSI on the 4hr seems to suggest we are reaching the overbought zone but I ahve yet to look at it on the 1 day chart.
BITFINEX:BTCUSDLong
by DrDovetail
Golden cross next month If BTC triggers the inverted h&s patternWe currently already have the 1 day chart's 50ma trajectory tilted upward and the 200ma tilted downward at a steep enough trajectory for a golden cross to occur the 23rd of next month. However triggering this inverted head and shoulders could lift us above 7.3k and increase the upward trajectory of the 50 for the golden cross to occur even sooner. Seeing as how all the alts are doing phenomenal right now and XRP already triggered it's inverted head and shoulder pattern and hit its target I think it's very probable that BTC will be doing the same! Good time to go long. *not financial advice*
BITFINEX:BTCUSDLong
by DrDovetail
XRP exploding up after triggering 4hr inverted head & shoulders A great sign for not only XRP but the rest of the market as well. Many alts are currently pumping. we can see XRP has already reached the projected price target of the inv head and shoulders and is still continuing to climb..this is likely due to the fact that xrp is about to be traded for USD on bittrex on the 20th as well a the fact that XRapid will be launching later this year. COnsidering that XRP has triggered it's inverted head and shoulders already and many other alts are pumping the odds of btc also triggering its inverted h&s are much higher now as well. I am long on both.
BITFINEX:XRPUSDLong
by DrDovetail
1
Potential Inverted Head & Shoulder Pattern on 4hr chartAfter seeing a nice fakeout on the daily of the inverted cup and handle pattern we are now seeing the 4hr chart form both a higher high and at least for now what appears like it will be a follow up higher low...if so the odds are favorable of following that up with another higher high and in doing so very likely we could trigger this currently developing inverted head and shoulder pattern. Though the 4hr chart is looking bullish we must still keep in mind that on the 1 day chart we have a giant bear flag and an inverted c up and handle to tend with...one of these 2 paths will be chosen either the bullish 4hr chart scenario will p;ay out or the bearish 1 day chart scenario. So be ready for either this idea for these reasons will be listed as neutral.
BITFINEX:BTCUSD
by DrDovetail
Approaching Monthly support for EURUSDHere you see we are coming out of a zone of consolidation after failing to stay above the 50% retracement of weekly levels, have a H&S pattern on the weekly as well, 4H, D, W MA'S crossover for bearish sentiment and acting as resistance on 4H as we approach this monthly support. I am looking for a retest of the blue zone for a clean entry with a great risk to reward ratio reaching just before the monthly support, I believe this will be broken because of how structure looks on the monthly and weekly. Multiple time frame analysis shows bearish sentiment. Lets see if this plays out.
Short
by VoyceS
small shouldered H&S pattern seems 2 b validated; 4hr deathcrossNot a good sign as we plunged below the 1day charts buy/sell line after days of constant support from it. it takes us back to take another look at the 4hr charts strange looking head and shoulder pattern we had our eye on the other day. This pattern seems increasingly more legit and if it was indeed validated the drop target is as deep as the 5.9k area. I have also listed price target points just for the breakdown of the recent flag and the support zone at the old pink symmetrical triangles top trendline seen here on the 4hr chart. Be prepared for any of these 3 to be support but keep in mind with the unavoidable 4hr death cross that is iminite within the next 2 days more downside is almost certainly to be anticipated so the lower bounce zones are probably going to be more legit. If you are ready to be prepared for all of them you are likely to be correct on one of them. As of now breaking below the 1 day charts 50ma doesn't appear to have delayed the trajectorys of the 1day golden cross much yet...if the trajectories remain the same from here we would have a goldencross on the 24th of september...I know we will likely see the 50ma point further downward in the coming days but if the 200ma in turn moves downward at the same rate it shuld hopefully not delay the cross by too much
BITFINEX:BTCUSDShort
by DrDovetail
BTC may be forming a cup and handle.Just my opinion, but with both the 4hr charts rsi and stochrsi well exhausted and well into the overbought zone and the 1 day chart's indicators now just reaching overbought conditions, I don't think we will be able to sustain an immediate breakout of the inverted head and shoulder pattern and a small correction is due to reset these indicator levels before a breakout can be sustained. at the same time we would like to see the price reach $6850 or so before any type of correction or retracement to establish a higher high on the 1 day chart and keep the ball in the bulls court. We can also see a very cup like price pattern has formed on this right shoulder. Also keep in mind that cme futures are set to expire on July 27th. All things considered my guess is that one of the 4hr candles that occur today will hit the $6850 region to complete the rimline of this cup pattern and then for the next 10 days or so we will see it form a handle until those futures expire at which point we will break above the cups rimline, the neckline of the inverse head and shoulder and the symmetrical triangle pattern we are in. Perhaps it will be Q3 which is the bullish one this year.
BITFINEX:BTCUSD
by DrDovetail
1
Big Surge in Bull Volume Takes Us Back Up Towards the NecklineA much needed bullish volume surge breaks price action back up above the 4hr 200 and 50MAs and sends us back up towards the neckline of the inverted head and shoulder pattern. People are attributing it to the rumor that Blackrock is considering getting into crypto ETFs. Botht he 4hr stochrsi and rsi are super extended in the overbought zones..so I think our most likely scenarios here now are either consolidate through a bull flag pattern for a bit to bring those indicator levels back down or potentially form a bart and dip back down a little bit to cool off the indicator levels. I still feel confident we will break above the inverted head and shoulder neckline eventually but probably not until after the futures expire on the 27th. This bullish break came at a crucial time too as the 4hr 50 and 200mas were wanting to create a death cross and this break should hopefully keep any death cross brief and send it right back into a golden cross. Although I am long term bullish, all factors considered here leaves this idea in the neutral zone.
BITFINEX:BTCUSD
by DrDovetail
7