XLMUSD - will history repeat itself or does the H&S play out?
Stellar (XLMUSD) is potentially repeating an hourly pattern we have already seen twice in the last week. After a series of lower highs, the price breached the 100-hour EMA which has been acting as support before breaking resistance and moving higher.
Alternatively, if the breakout fails, a head and shoulders pattern will be completed with a target of 0.245, which coincides with a 61.8% retracement of the rally that started on 31st October. After a 30% rally, a pullback like that would be healthy and may offer a good entry point for longs.
Alternatively, if the breakout fails, a head and shoulders pattern will be completed with a target of 0.245, which coincides with a 61.8% retracement of the rally that started on 31st October. After a 30% rally, a pullback like that would be healthy and may offer a good entry point for longs.
Commentaire:
Looks like the Head and Shoulders is playing out