As you can see in the chart, Lumens have gone through a period of a classic H&S setup.
The one quick thing I may add is that the Lumen project is tied in with XRP. Lumens being the "free market" cousin to Ripple, which has gone through a huge speculative increase period. I believe the interest in Lumens lately has been partly because of the huge quick uptick in XRP prices recently. BUT, when an opportunity presents itself, we need to recognize the pattern and profit from them.
I believe we have already gone through the left shoulder and have descended past the Head. All signs are pointing to bearish consolidation within the H&S triangle, followed by a quick but short lived buy up, and re-consodliation back down.
This is good news for shorts in the short term, and presents a buying opportunity at the low of the next shoulder for easy profit taking for those in for a quick buck.
Happy trading!
-Z
The one quick thing I may add is that the Lumen project is tied in with XRP. Lumens being the "free market" cousin to Ripple, which has gone through a huge speculative increase period. I believe the interest in Lumens lately has been partly because of the huge quick uptick in XRP prices recently. BUT, when an opportunity presents itself, we need to recognize the pattern and profit from them.
I believe we have already gone through the left shoulder and have descended past the Head. All signs are pointing to bearish consolidation within the H&S triangle, followed by a quick but short lived buy up, and re-consodliation back down.
This is good news for shorts in the short term, and presents a buying opportunity at the low of the next shoulder for easy profit taking for those in for a quick buck.
Happy trading!
-Z
Comment:
PLEASE THROW UP A LIKE IF YOU FELT THIS WAS GOOD INFO!
Comment:
As expected, the head has formed and is lowering down to reach the right shoulder soon...
I would monitor this closely as a buying opportunity for the right shoulder is coming in Hot!
I would monitor this closely as a buying opportunity for the right shoulder is coming in Hot!