Potential Inverse H&S for XRP?
Updated
Here is a potential inverse H&S I am watching in XRPUSD. Need to see a run up to the neckline near .45 - .46 from near current levels for it to be a serious contender, but since it slants upward, it could be a strong one.
The alternative view is that the inverse H&S already played out in a move above the neckline at .39xx (move up to .44xx), but it was quickly reversed and therefore counts as a failure. If so this could take us down to yet another test of lows (this would be the 4th).
Throwing weight in the bullish camp there is a potential inverse H&S also forming in BTCUSD.
There is also this long term bearish H&S pattern that is still on the table...
I know... either up or down. H&S patterns everywhere!
As a trader, sometimes it is best to sit by and wait to see. The good news is that we have specific points where we are proven right or wrong. A break below the head invalidates this pattern. A sustained break above the neckline confirms it.
The alternative view is that the inverse H&S already played out in a move above the neckline at .39xx (move up to .44xx), but it was quickly reversed and therefore counts as a failure. If so this could take us down to yet another test of lows (this would be the 4th).
Throwing weight in the bullish camp there is a potential inverse H&S also forming in BTCUSD.
There is also this long term bearish H&S pattern that is still on the table...
I know... either up or down. H&S patterns everywhere!
As a trader, sometimes it is best to sit by and wait to see. The good news is that we have specific points where we are proven right or wrong. A break below the head invalidates this pattern. A sustained break above the neckline confirms it.
Note
Price on track for the bullish option. looks like the market is trying to complete that right shoulder...
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