Upon finding this cup and handle pattern it reminded me of my previous idea for ETC/USD (chart is shown below).
The pattern above was absolutely perfect, we saw a move from $2.50 to $5 within a matter of weeks.
Now, I'm expecting the same for XRP/USDT a move from $0.05 to $0.075 before stalling out and forming a descending channel (the handle).
Once we see this happen I'll be paying close attention to candlestick formations and price structure for a potential breakout to the upside, if successful we will see a move to $0.12.
Over two weeks ago I posted my view on the 1h timeframe, I noticed that price was respecting the 0.618 and 0.786 retracement levels (chart is shown below).
Since then, price dropped down to the 0.786 retracement level one more time before skyrocketing.
To further validate the move up to $0.12, check out my analysis on the daily timeframe below.
I've got plenty more analysis on the way, keep supporting my ideas and don't forget to add me on social media!
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Here is my current view on the 15m chart, pay close attention to $0.062 for a break to the upside.
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We've just seen a re-test of resistance following a breakout of a pennant, I'm expecting a move up to $0.075 very shortly.
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Keep an eye on this price structure, the trendline support is holding really well... Expecting a move to the upside within the week.
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We're now approaching 0.075, keep an eye on candlestick formations and price structure in this area, we may just break straight through this level rather than forming a descending channel.
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Price hit 0.075 as predicted, this is where it gets interesting!!!
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See ya later ;)
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The next cycle will begin at 0.12, pay close attention to the chart shown below.
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XRP/BTC: Price is trading within an ascending channel on the 5m chart, good guide for entries and exits.
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Here is what I see happening on the 15m chart, one last drop before the move up to 0.12.
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We've now achieved our short-term target!!! Well done to all those who made profit on XRP, I'll now be holding long-term.