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Crypto_Knight

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There is a nasty head and shoulders forming with a 5500 target, which would give you an indication how low XRP can be expected to go, and further affirmation to hold off on buying as I suggested previously. I would suggest taking some profit now, today was a bearish retest of supports, tomorrow you can expect most of these gains to disappear. I'll post a chart tomorrow to show you what I mean.

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6 minutes ago, Crypto_Knight said:

There is a nasty head and shoulders forming with a 5500 target, which would give you an indication how low XRP can be expected to go, and further affirmation to hold off on buying as I suggested previously. I would suggest taking some profit now, today was a bearish retest of supports, tomorrow you can expect most of these gains to disappear. I'll post a chart tomorrow to show you what I mean.

You’re probably right, but I’m a buy and hold long term type of guy. Trying to time the market is just too stressful for me 

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1 hour ago, Crypto_Knight said:

There is a nasty head and shoulders forming with a 5500 target, which would give you an indication how low XRP can be expected to go, and further affirmation to hold off on buying as I suggested previously. I would suggest taking some profit now, today was a bearish retest of supports, tomorrow you can expect most of these gains to disappear. I'll post a chart tomorrow to show you what I mean.

Volume still seems to be growing. Might want to revise that. 

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Head and shoulders is indeed forming, but in a bearmarket less significant than in a bullmarket. 

H&S are specifically used to signal a trend change. The trend has clearly been down, so in this case, the forming of a H&S is less important imho. 

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41 minutes ago, LiquidGoat said:

ok genuine question...this is the 1h BTC chart....head and shoulders of what? Do we need to specify a species when talking about these things? I litterally cannot see a H+S at all...maybe thats why im a hodler

 

snip.thumb.PNG.0c4e1b81c55470fbae438dcf8d934b6d.PNG

Exactly. It’s very easy to post directly after a day with a 16% gain and suggest it will drop a touch. I think it’s been shown many many times that TA in a nascent market with little or adoption and fundamentals is a waste of time. Stocks fine but crypto no. 

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31 minutes ago, allmyhoney said:

Exactly. It’s very easy to post directly after a day with a 16% gain and suggest it will drop a touch. I think it’s been shown many many times that TA in a nascent market with little or adoption and fundamentals is a waste of time. Stocks fine but crypto no. 

As you can see, it wasn't a slight correction, it is a complete erasure of gains. People were closing short positions/getting liquidated as the pump took off due to a failed bullish attempt to hit 7k. For now, the H&S remains play. Look at the daily chart.

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So cryptos FALL based on news and/or manipulation, and can only rise based on TA getting all its ducks in a row? Sure, people put their orders in at significant support & resistance levels, and some might use fib levels for orders too - but it's news (and manipulation) that ultimately moves the price....followed by fear / greed (delete as applicable).

Edited by 2ndtimearound

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3 hours ago, LiquidGoat said:

ok genuine question...this is the 1h BTC chart....head and shoulders of what? Do we need to specify a species when talking about these things? I litterally cannot see a H+S at all...maybe thats why im a hodler

 

snip.thumb.PNG.0c4e1b81c55470fbae438dcf8d934b6d.PNG

Go buy 10 beers, drink them  and look again then you might be able to see it?

Edited by Falx33

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