XRP/BTC Cup and Handle
Updated
Ripple has been flagging recently with the latest pennant failing to break out into another bull run. Instead, price action has formed a cup and handle pattern which still suggests that the next bull run has just been delayed, and can be expected once price moves above the handle channel. The pattern is also confirmed by declining volume.
Using the height of the cup we can set an immediate target of 5000. If price breaks beyond that, a fib extension from the recent low and high gives us a higher target of 6400.
Using the height of the cup we can set an immediate target of 5000. If price breaks beyond that, a fib extension from the recent low and high gives us a higher target of 6400.
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Both targets hit!Comment
Looking good for continuation. If we draw a pitchfork on this bull run and extrapolate the last flag, we have a nice target at ~10.7kBeyond that, a fib extension and flat top of the weekly cloud suggests a more optimistic target of 12k if price blows through
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ANOTHER ONE12k target demolished. Pitchfork don't lie.
Trade closed: target reached
It's time to jump ship - completed three-drive pattern and descending volume make this a very risky bag to hold on to for the time being.
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