XRPBTC RIPPLE - Cup & Handle Watch
Updated
Been on a long break from trading since I don't like trading bear markets, but I'm slowly coming out of hibernation as it seems like things might start to get interesting again in the coming weeks/months :)
This is a potentially nice cup & handle forming on XRPBTC - with a decent volume profile to match. See the chart for the target area.
I'm being cautious since the peaks were formed by pretty long wicks (depending on what timeframe you're looking at) but that's also pretty typical of XRP price action anyway so it's probably fair game.
As always, wait for a breakout with a volume spike, and if you're being cautious, wait for a bounce off the neckline after the breakout. Personally I'm probably just going to long the breakout because sometimes XRP tends to shoot up frantically without waiting for you :)
This is a potentially nice cup & handle forming on XRPBTC - with a decent volume profile to match. See the chart for the target area.
I'm being cautious since the peaks were formed by pretty long wicks (depending on what timeframe you're looking at) but that's also pretty typical of XRP price action anyway so it's probably fair game.
As always, wait for a breakout with a volume spike, and if you're being cautious, wait for a bounce off the neckline after the breakout. Personally I'm probably just going to long the breakout because sometimes XRP tends to shoot up frantically without waiting for you :)
Note
Just wanted to add fib levels
Note
Just some interesting observationsOn the 3D the current candle has broken free of the year long Fib Fan:
Making another Fib Fan from peak a year ago to the most recent low around 4200 satoshis shows a correlation with the cup & handle target:
This obviously doesn't mean it's going to happen but it gives me a lot more confidence when I see my ideas make sense in multiple contexts
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