Just spotting these H&S patterns in the 1 hour charts of several currencies and figured I'd share my thoughts :) I'm thinking this is a pretty clear H&S in XRP, which would predict we go down further. It would be unrealistic to see us just keep going right up without major news hitting or something big like that. My thoughts are that we will see a retracement down to perhaps 55 cents or so, see a quick bounce up, and then maybe go even lower. With that said, just my thoughts :) this pattern on the chart, however, certainly predicts that we will go down some more.
Not trading advice, of course (though I'll be following this myself). Would love to hear your thoughts!
All the best, James
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Also, if we are to see a bit of symmetry in the chart, we may have one final push up to 65-67 cents or so before then going down. Idk, figured I'd mention that senario :)
Happy trading!
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And just to add to this, MAKE SURE YOU HAVE A STOP ORDER! Right around now is when we could absolutely see a significant price movement, so be weary friends!
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So for the record, I just pulled out a bit at 65 cents. We shall see :) I figured if I'm going to put up this chart, I ought to follow my own advice! The previous mini rally after the high managed around 66 cents, so we'll see if this one manages to break through.
Don't forget those stop losses.
And if it shoots up higher, then that sucks for me :/ but remember, follow your own trading advice! This is just my own thinking (and remember, I'm pretty new to this lol).