XRP head and shoulder formation - 0.56 $
Actualizado
Hello traders,
Here we see XRP on the 4 hour chart. with a now already confirmed head shoulder pattern. The neckline was re-tested and so the target for the H-S pattern is 0.56 USD.
If BTC drops fast ALT coins are going to drop many times faster so place good stop.
Going long in a downtrend gives a lot of risk but can also bring quick profits. Personally I prefer to go with the trend rather than trade against it.
Exceptions are exceptional panic with a super high volume spike but to go long reliably requires confirmation and a structure.
Here we see XRP on the 4 hour chart. with a now already confirmed head shoulder pattern. The neckline was re-tested and so the target for the H-S pattern is 0.56 USD.
If BTC drops fast ALT coins are going to drop many times faster so place good stop.
Going long in a downtrend gives a lot of risk but can also bring quick profits. Personally I prefer to go with the trend rather than trade against it.
Exceptions are exceptional panic with a super high volume spike but to go long reliably requires confirmation and a structure.
Comentarios
Note that if XRP revisit 0.88 we will see another H-S formation even bigger.Comentarios
I see the target hit between 27th of April and 5th of May.Comentarios
Comentarios
Notice the heavy volume breaking he neckline. XRP as so many ALTS can go multiple times faster up then BTC but the oppositie is also true. We also see huge profits in ALTS latest time so it can also go down a lot!Comentarios
Please always bear in mind that patterns can and do fail. Nothing in technical analysis will always work. We need to think one step ahead! Patterns can also change. For example a rsing wedge can transform to a rising trend channel which is not bearish as the rising wedge is simply by a falling price!Always look at volume. Rising price and no volume that will probably not last.
Then we have the market manipulation which is very big in Crypto. But often it can be seen!
Comentarios
Taker care if you want to pick bottoms in a decline. I have learned my lessoons in the past.Comentarios
Right now we are forming inside bars in many coins. This is bearish in a downtrend!Operación activa
To go long in case of a counter move and a short ride up I would first like to see a good volume spike and a positive divergence along with a positive candle setup.Operación cerrada manualmente
A failed H-S pattern causes very often a very agressive impuls to the other direction. That is exactly what happened here.Some traders use only failed patterns to trade and that can be very profitable if you know the stops and targets.
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