mavios

XRP/BTC Forming a text book cup and handle

Long
mavios Updated   
BITFINEX:XRPBTC   XRP / Bitcoin

Looking at 1 hour chart, Ripple has managed to break out from the descending and formed an ascending channel (red lines being the support and resistance lines for this channel).
It is currently forming a typical cup and handle pattern, with price looking to test 0.00013 BTC level. Volume distribution and price levels confirms the pattern too

A trade can be initiated once the price break the 0.00118
Stop loss 0.000117

Target 0.00012617

Enjoy!
Comment:
To confirm the patter, price have to break 0.00011816 BTC.
If breakout fails, expect another attempt.
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