It seems the head and shoulders pattern has been triggered. We are currently at a potential support zone on the 1 day charts 200ma(not shown here) If we can bounce there or at least before the horizontal aqua colored line shown here it will be a very good sign because we will have simply formed a higher low but if we were to reach the projected drop target of the head and shoulders pattern breakdown we would definitely be forming a lower low. Anyone who didn't already get out of their position or short when the 4hr volume indicated the head&shoulders was triggering I would say to wait and see if the 1 day 200ma support fails and even whether or not the priceaction dips below the aqua trendline before shorting at this point you don't wanna fall victim to buying the bottom of this dip.
Note
what kept the h and shoulders from confirming earlier was the fact that it ewas also inside a rising wedge which usually breaks up but in the long run it appears the head and shoulders won the tug of war between it and the rising wedge.Note
This is a good bounce zone for xrp because of the 1day charts 200ma support and the fact that the 4hr rsi has reached the oversold zone.Note
s3.amazonaws.com/tradingview/snapshots/f/FR11sC9T.png XRP Sitting on a big longtime support trendline here:
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.