mciche2
Long

XRP/USDT Forming Cup and Handle?

POLONIEX:XRPUSDT   Ripple / Tether USD
**Not financial advice. Do your own research and use at your own risk***

Not an expert on this chart pattern, but this looks like its forming the handle part of a cup and handle . The "cup" is sloping and does not have a level rim, however I saw this same exact pattern on TRX/BTC             a few days ago before it exploded. Makes me think that this is valid. Per what I've learned, target is the "distance from the right peak of the cup to the bottom of the cup" added to the rim height.

The top of the "rim" is also the ATH             (1 hr             close), which if price breaks through is a very bullish indicator in itself.

Enter: After 1 hr             candles closes above 3.27 with a significant volume . Apprx $3.28
Targets: I will be conservatively laddering my exits at these points, basically for every 20% rise in price I will sell a quarter of the ripples I purchased at the entry price:

Target 1: 3.56 (Sell 25%)
Target 2: 3.85 (Sell 25%)
Target 3: 4.13 (Sell 25%)
Target 4: 4.25 (Sell 25%)

Total Return on Original Investment = 20.3%

I noticed that once a whole dollar barrier is broken, the price seems to go up $0.25 and then enters a consolidation period. This is why target 4 is low.

Stop Loss: 1hr close below bottom of Handle - apprx. 2.55

Agree? DIsagree? Lmk!
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