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GK-ARONNO
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XRPUSDT Head and Shoulders Pattern: Bearish Signal?đđ„đ„
$XRP
DT is currently making lower lows and lower closes. The market took liquidity above the 2.80 level before pulling back to the support level at 2.00. This movement essentially created a false breakout, suggesting that buyers are hesitant to enter the market at those price levels. Taking a broader view, we can observe that the price action is forming a head-and-shoulders pattern, which is typically indicative of a reversal. Given that the previous weekly candle was a significant bearish candle, it suggests that the price may retest the 1.50 level. Therefore, I anticipate XRP to retest the resistance followed by moving lower. My goal is support zone around 1.63
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad đ©âđ»
DT is currently making lower lows and lower closes. The market took liquidity above the 2.80 level before pulling back to the support level at 2.00. This movement essentially created a false breakout, suggesting that buyers are hesitant to enter the market at those price levels. Taking a broader view, we can observe that the price action is forming a head-and-shoulders pattern, which is typically indicative of a reversal. Given that the previous weekly candle was a significant bearish candle, it suggests that the price may retest the 1.50 level. Therefore, I anticipate XRP to retest the resistance followed by moving lower. My goal is support zone around 1.63
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad đ©âđ»
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