Watching $XRP on the weekly chart.
I think we’ll soon see $2 or more again: the structure is aligning.
An inverse head-and-shoulders pattern is forming. The left shoulder has already formed, the price bottomed at the head, and now the right shoulder is taking shape. The neckline is the key resistance zone to break through.
What confirms it: a clear breakout above the neckline with volume. That’s the entry signal. The projected move from the pattern would take us back toward $2 and possibly higher.
What invalidates it: failing to break through the neckline and being rejected back into the right-shoulder range. If we lose the right shoulder’s low, the pattern is invalidated.
This is a textbook reversal structure. The inverse head and shoulders is one of the most reliable continuation patterns after a downtrend: you’re watching accumulation turn into distribution at higher prices.
Watch for the neckline breakout. That’s where the trade is triggered.
I think we’ll soon see $2 or more again: the structure is aligning.
An inverse head-and-shoulders pattern is forming. The left shoulder has already formed, the price bottomed at the head, and now the right shoulder is taking shape. The neckline is the key resistance zone to break through.
What confirms it: a clear breakout above the neckline with volume. That’s the entry signal. The projected move from the pattern would take us back toward $2 and possibly higher.
What invalidates it: failing to break through the neckline and being rejected back into the right-shoulder range. If we lose the right shoulder’s low, the pattern is invalidated.
This is a textbook reversal structure. The inverse head and shoulders is one of the most reliable continuation patterns after a downtrend: you’re watching accumulation turn into distribution at higher prices.
Watch for the neckline breakout. That’s where the trade is triggered.