XRP/USD - Short - Head and Shoulders
Hello Future Millionaires!
XRP is printing a head and double right shoulder pattern. The conservative measured move for a breakdown brings us down to the 0.618 Fibonacci which has confluence with the strong horizontal support.
If BTC is printing a bull trap, which is highly likely, and brings BTC down, XRP will follow, but the losses will be more significant with XRP, which should result in a higher P&L!
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Guide to My Charts
-The dark magenta horizontal lines are support/resistance 'zones'. If price pierces though one side of the support/resistance zone, it is likely to head to the next support/resistance zone!
-Yellow lines are typically used to chart out pattern formations and trend lines!
-The colored lines are MAs (Red: 10SMA, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Purple: 200EMA, White: 200SMA, Maroon: 377EMA).
-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.
-The Historical Volatility Percentile, RSI, and/or stochastics indicators are below the chart if displayed.
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Please smash the like and comment if you find value in this post! It helps show me that others are interested and motivates me to share more with the community! Thank you and have a wonderful day!
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R:R: 2.78
Risk: 14.3%
Reward: 37.70%
Leverage: 3X
Leveraged Risk: 42.9%
Leveraged Reward: 128.7%
Risk Assessment: MEDIUM
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Disclaimer:
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my technical analysis and potential trade setup ideas.
These posts are intended for educational purposes only. It is imperative that everyone conduct their own research prior to entering any trade!
Hello Future Millionaires!
XRP is printing a head and double right shoulder pattern. The conservative measured move for a breakdown brings us down to the 0.618 Fibonacci which has confluence with the strong horizontal support.
If BTC is printing a bull trap, which is highly likely, and brings BTC down, XRP will follow, but the losses will be more significant with XRP, which should result in a higher P&L!
---
Guide to My Charts
-The dark magenta horizontal lines are support/resistance 'zones'. If price pierces though one side of the support/resistance zone, it is likely to head to the next support/resistance zone!
-Yellow lines are typically used to chart out pattern formations and trend lines!
-The colored lines are MAs (Red: 10SMA, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Purple: 200EMA, White: 200SMA, Maroon: 377EMA).
-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.
-The Historical Volatility Percentile, RSI, and/or stochastics indicators are below the chart if displayed.
---
Please smash the like and comment if you find value in this post! It helps show me that others are interested and motivates me to share more with the community! Thank you and have a wonderful day!
---
R:R: 2.78
Risk: 14.3%
Reward: 37.70%
Leverage: 3X
Leveraged Risk: 42.9%
Leveraged Reward: 128.7%
Risk Assessment: MEDIUM
---
Disclaimer:
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my technical analysis and potential trade setup ideas.
These posts are intended for educational purposes only. It is imperative that everyone conduct their own research prior to entering any trade!
