Classic Head and Shoulders Short on XMRBTC
XMR is known to retrace pretty hard after a run, hence the deep target.
With Poloniex margin trading, this is a reasonably safe bet in my opinion.
What is a 'Head And Shoulders Pattern'?
In technical analysis, a head and shoulders pattern describes a specific chart formation that predicts a bullish-to-bearish trend reversal. The head and shoulders pattern is believed to be one of the most reliable trend reversal patterns. It is one of several top patterns that signal, with varying degrees of accuracy, that an upward trend is nearing its end.
Head And Shoulders Pattern
BREAKING DOWN 'Head And Shoulders Pattern'
This pattern is comprised of three component parts:
1. After a long bullish trends, the price rises to a peak and subsequently declines to form a trough.
2. The price rises again to form a second high substantially above the initial peak and declines again.
3. The price rises a third time, but only to the level of the first peak, before declining once more.
With Poloniex margin trading, this is a reasonably safe bet in my opinion.
What is a 'Head And Shoulders Pattern'?
In technical analysis, a head and shoulders pattern describes a specific chart formation that predicts a bullish-to-bearish trend reversal. The head and shoulders pattern is believed to be one of the most reliable trend reversal patterns. It is one of several top patterns that signal, with varying degrees of accuracy, that an upward trend is nearing its end.
Head And Shoulders Pattern
BREAKING DOWN 'Head And Shoulders Pattern'
This pattern is comprised of three component parts:
1. After a long bullish trends, the price rises to a peak and subsequently declines to form a trough.
2. The price rises again to form a second high substantially above the initial peak and declines again.
3. The price rises a third time, but only to the level of the first peak, before declining once more.
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